Doing a bit of a catch up and noted this for oil markets
US legislation that has its aim to prevent OPEC from coordinating production and thus influencing oil prices passed the House Judiciary Committee back in February
- the NOPEC bill … yep … the 'No Oil Producing and Exporting Cartels Act'
Has OPEC a li'l bit perturbed … not surpassingly
This week the cartel warned if the bill passes Congress:
- OPEC would stop working
- Member states would boost output to maximum
Causing a crash in oil prices and thus:
- put US shale producers under pressure
