Saudi Arabia: Gov ready to leave petrodollar to stop NOPEC bill

Saudi Arabia: Gov ready to leave petrodollar to stop NOPEC bill

Saudi Arabia is reportedly threatening to sell its oil in other currencies if the US passes a bill permitting antitrust lawsuits to be filed against OPEC members in US courts, a move which would decimate the tottering petrodollar, reported Reuters. The kingdom stated the option had been discussed internally by senior Saudi energy officials in […]

US: OPEC Secretary says OPEC does not fix prices

US: OPEC Secretary says OPEC does not fix prices

According to a report from Reuters, OPEC Secretary-General Mohammad Barkindo said the exporting group was “not in the business of manipulating or fixing (oil) prices,” when asked on Monday, February 11, to comment on a US House committee passing a bill targeting OPEC oil supply cuts. A US House of Representatives committee approved a bill […]

Middle East: Qatar quitting OPEC

Middle East: Qatar quitting OPEC

The future of OPEC is on shaky ground, an analyst told The Wall Street Journal on Monday, December 3, after Qatar abruptly announced it would sever ties with the influential oil cartel after almost six decades. Qatar’s Energy Minister Saad al-Kaabi said at a news conference Monday that Doha would leave OPEC on January 1, […]

US: Senators bring back bill to stop OPEC ‘Price Fixing’

US: Senators bring back bill to stop  OPEC ‘Price Fixing’

US Senator Chuck Grassley (Republican – Iowa), along with a fellow Republican and two Democratic lawmakers, introduced legislation in the Senate that’s aimed at allowing the government to bring lawsuits against OPEC members for antitrust violations, reported Bloomberg. Lawmakers in the other chamber of Congress, the House of Representatives, already introduced a version of the […]

US: Trump accuses OPEC of ‘artificially’ boosting oil prices

US: Trump accuses OPEC of ‘artificially’ boosting oil prices

US President Donald Trump accused Organization of Petroleum Exporting Countries (OPEC) on Friday, April 20, of “artificially” boosting oil prices after a year-plus pact that has slashed global crude inventories, drawing rebukes from oil-producing countries as prices dipped following his remarks, reported Bloomberg. Trump tweeted on Friday that “Oil prices are artificially Very High” because […]