Sunday, 17 Feb 2019

Category: General

US House Panel Approves ‘NOPEC’ Bill, Full House Vote Uncertain

WASHINGTON, A U.S. House of Representatives committee approved a bill on Thursday that would open up the Organization of the Petroleum Exporting Countries to antitrust lawsuits, but it was uncertain if the measure would be considered by the full chamber.

The House Judiciary Committee passed the bipartisan bill, known as the No Oil Producing and Exporting Cartels Act, or NOPEC, on a voice vote.

The legislation would change U.S. antitrust law to revoke the sovereign immunity that has long protected OPEC members from U.S. lawsuits. It allows the U.S. attorney general to sue the oil producers group or any of its members on grounds of collusion.

A similar bill was introduced in the Senate on Thursday by Republican Senator Chuck Grassley, a proponent of ethanol, a corn-based motor fuel.

Versions of the bill have appeared without success in Congress for the past 20 years. The committee also approved a version of the bill last year by voice vote, but it never reached the full House for a vote.

Momentum from Trump

The legislation has gained momentum as President Donald Trump, a Republican, has attacked OPEC, which includes U.S. ally Saudi Arabia, over past practices of holding back oil output to support oil prices.

Still, Trump has not voiced support of the NOPEC bill and has stressed the importance of the U.S. relationship with Saudi Arabia, even after the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul last year.

Joe McMonigle, senior energy policy analyst at Hedgeye in Washington and an Energy Department official under former President George W. Bush, said odds were low the bill would advance during a time of relatively low oil prices.

“I don’t see any kind of groundswell for it,” McMonigle said. He said that even though Trump had not voiced support for NOPEC, Democrats, who now control the House, would be cautious to hand Trump something that could turn into a victory for him.

Don’t expect Texas support

Lawmakers in Texas are also unlikely to support the bill, McMonigle added, as Motiva Enterprises LLC, a subsidiary of Saudi state oil company Saudi Aramco

U.S. oil prices fell more than 2.5 percent on Thursday to $52.64 a barrel on plentiful U.S. inventories and worries about global demand growth.

McMonigle said that if oil prices rose to $100 a barrel sometime in the future, “all bets are off” and support in Congress could rise.

Source: Voice of America

US House Panel Approves ‘NOPEC’ Bill, Full House Vote Uncertain

WASHINGTON, A U.S. House of Representatives committee approved a bill on Thursday that would open up the Organization of the Petroleum Exporting Countries to antitrust lawsuits, but it was uncertain if the measure would be considered by the full chamber.

The House Judiciary Committee passed the bipartisan bill, known as the No Oil Producing and Exporting Cartels Act, or NOPEC, on a voice vote.

The legislation would change U.S. antitrust law to revoke the sovereign immunity that has long protected OPEC members from U.S. lawsuits. It allows the U.S. attorney general to sue the oil producers group or any of its members on grounds of collusion.

A similar bill was introduced in the Senate on Thursday by Republican Senator Chuck Grassley, a proponent of ethanol, a corn-based motor fuel.

Versions of the bill have appeared without success in Congress for the past 20 years. The committee also approved a version of the bill last year by voice vote, but it never reached the full House for a vote.

Momentum from Trump

The legislation has gained momentum as President Donald Trump, a Republican, has attacked OPEC, which includes U.S. ally Saudi Arabia, over past practices of holding back oil output to support oil prices.

Still, Trump has not voiced support of the NOPEC bill and has stressed the importance of the U.S. relationship with Saudi Arabia, even after the killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul last year.

Joe McMonigle, senior energy policy analyst at Hedgeye in Washington and an Energy Department official under former President George W. Bush, said odds were low the bill would advance during a time of relatively low oil prices.

“I don’t see any kind of groundswell for it,” McMonigle said. He said that even though Trump had not voiced support for NOPEC, Democrats, who now control the House, would be cautious to hand Trump something that could turn into a victory for him.

Don’t expect Texas support

Lawmakers in Texas are also unlikely to support the bill, McMonigle added, as Motiva Enterprises LLC, a subsidiary of Saudi state oil company Saudi Aramco

U.S. oil prices fell more than 2.5 percent on Thursday to $52.64 a barrel on plentiful U.S. inventories and worries about global demand growth.

McMonigle said that if oil prices rose to $100 a barrel sometime in the future, “all bets are off” and support in Congress could rise.

Source: Voice of America

75 Vessels Cross Suez Canal Today

Cairo, As many as 75 vessels crossed the Suez Canal today, with a total cargo of 5,800,000 tons.The north-bound convoy included 40 vessels laden with 2,700,000 tons, while the south-bound convoy comprised of 35 vessels carrying 3,100,000 tons, accordin…

Custodian of Two Holy Mosques Chairs Cabinet’s Session 4 Riyadh

Seventh:The Cabinet approved to add item (III) to its decision no. (691) and the text shall read as follows: “Minister of Environment, Water and Agriculture, in accordance with the requirements of public interest and following land survey referred to i…

Custodian of Two Holy Mosques Chairs Cabinet’s Session 4 Riyadh

Seventh:The Cabinet approved to add item (III) to its decision no. (691) and the text shall read as follows: “Minister of Environment, Water and Agriculture, in accordance with the requirements of public interest and following land survey referred to i…

Saudi Ambassador to Algeria Meets with Algerian Foreign Minister

Algiers, Abdulaziz bin Ibrahim Al-Omairaini, Saudi ambassador to Algeria, met here today with Algerian Foreign Minister Abdelkader Messahel.During the meeting, they reviewed bilateral relations and discussed the latest developments at regional and inte…

Ministry of Health launches works of Global Adult Tobacco Survey

Riyadh, The Ministry of Health announced today the launch of works of Global Adult Tobacco Survey (GATS) among adults (15 years and above including males and females) being carried out by the Ministry in cooperation with the General Authority for Stati…