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OPEC Doesn’t Fix Crude Oil Prices, Says Barkindo

In the aftermath of a United States House of Representatives Committee approval of a bill that would open up the Organization of the Petroleum Exporting Countries (OPEC) to antitrust lawsuits, it’s Secretary-General, Sanusi Barkindo, on Monday said the organisation is not in the business of fixing crude prices.

“OPEC is neither a cartel nor involved in the business of fixing oil prices. It would be a misjudgment to accuse us of such.

“OPEC is an open, transparent organisation focused on assisting the oil markets to remain in balance on a sustainable basis, which is a fundamental requirement of investors.

“The international oil industry needs market stability to plan and invest in a predictable manner in order to guarantee future supplies,” Barkindo said on the sidelines of an energy forum in Cairo.

The bill, No Oil Producing and Exporting Cartels Act (NOPEC), would change U.S. antitrust law to revoke the sovereign immunity that long protected OPEC members from U.S. lawsuits.