US Senate committee passes bill to pressure OPEC+

Logo of OPEC

A US Senate committee passed the “No Oil Producing or Exporting Cartels (NOPEC)” bill that allows filing lawsuits against OPEC members on raising oil prices.

The bill was passed by 17 members in the Senate Judiciary Committee.

Jen Psaki, Spokesperson for the White House, said the administration is still studying the bill, adding that the White House has concerns about the potential implications and unintended consequences of the legislation.

Versions of the bill failed in the Congress for more than two decades. However, lawmakers are increasingly worried about rising inflation driven partly by higher energy prices.

Following the Joint Ministerial Monitoring Committee’s (JMMC) meeting, the group agreed to increase production by 432,000 barrels per day in June, in line with the OPEC-led oil output pact reached last year, according data compiled by Argaam.