Pressure on OPEC could trigger oil prices to rise


According to Rick Perry, the head of the US Department of Energy, we can expect an explosive increase in energy prices in the event of an impact on OPEC through US legislation.

This week, oil prices dropped significantly after the statements of US President Donald Trump. The American leader called on the countries of the cartel not to raise oil prices. Earlier, in early February of this year, lawyers of the US House of Representatives approved the bill "No Oil Producing and Exporting Cartels Act" (NOPEC). This document gives the US court the authority to consider antitrust claims s against OPEC countries and other states suspected of colluding with the cartel. Thus, Rick Perry calls for caution and careful consideration of actions regarding the application of NOPEC.

Since the 1980s, the countries of the cartel did not set oil prices, but periodically entered into agreements to increase or reduce production to maintain the balance of the black gold market. Nevertheless, the American president accuses OPEC of artificially inflating prices. The administration of Donald Trump claims that the cartel controls the oil market, increasing the cost of American gasoline. However, Rick Perry does not agree with this. He believes that control over the black gold market is necessary to maintain stable prices. Without competent management, the situation can get out of control, the US Secretary of Energy sums up.


The material has been provided by InstaForex Company -