OPEC Leaders Warn Of Market Destabilisation If U.S. Passes NOPEC Bill

Reuters reporting comments from Libya's oil minister Mohamed Aoun stating that, "if the US Congress approves 'NOPEC' bill, it will lead to destablisation of oil market."

• Aoun continued, "OPEC+ seeks stability of oil market by determining crude quantities, not prices."
• 'NOPEC,' which would allow the US government to take legal action against OPEC+ members for manipulating the oil market, has been introduced into the US Congress numerous times since 2007 without success but recent strain between Washington and Riyadh is seen as increasing the prospect of the bill progressing.
• Saudi Energy Minister Abdulaziz bin Salman told Energy Intelligence last week: “The Nopec bill does not recognize the importance of holding spare capacity and the consequences of not holding spare capacity on market stability. Nopec would also undermine investments in oil capacity and will cause global supply to fall severely short of future demand.”
• Bloomberg: "The White House hinted last year, amid surging gasoline and oil prices and OPEC+’s decision to cut output caps by 2 million barrels a day, it might back the bill..."