Riyadh: Saudi Arabia opposes US NOPEC legislation threatening global oil market. The Saudi energy minister said the controversial law would threaten the stability of the global oil market.
Saudi Arabia has strongly opposed the NOPEC legislation to be introduced in the US Congress. Saudi Energy Minister Abdul Aziz bin Salman has said that this could lead to a global energy crisis and threaten the stability of the global oil market.
The law aims to unjustly blame OPEC and its allies, the Organization of the Petroleum Exporting Countries. He said the passage of the law would increase the volatility in the oil market and hamper investment in the oil industry. If the draft law is approved, it could lead to lawsuits in U.S. courts against oil-exporting nations and their allies for allegedly conspiring to push up crude oil prices in the global market.