Saudi Arabia thought about the dissolution of OPEC

Саудовская Аравия задумалась о роспуске ОПЕК

The government of Saudi Arabia commissioned a study, which will consider the scenario of dissolution of the Organization of countries-exporters of oil.

Saudi authorities ordered to conduct a study on the possible dissolution of the Organization of countries-exporters of oil (OPEC). On Thursday, November 8, reports the Wall Street Journal.

This study will take place against the background of the preparation of U.S. anti-cartel bill titled NOPEC (No Oil Producing Exporting Cartels Act). Its purpose – granting U.S. courts jurisdiction to review antitrust lawsuits against OPEC members and the countries-participants of cartel in the oil market.

“In the Kingdom understand that the demand for oil can’t last forever. In addition, NOPEC does not ignore”, – said the head of the Research center of oil behalf of king Abdullah Adam Sieminski

Riyadh doubts the necessity of the existence of OPEC in light of the fact that “Saudi Arabia and Russia together can have enough influence on the oil market.”

We will remind, in the end of 2016 OPEC and other major oil producers signed the agreement about the reduction of oil production to 1.8 million barrels per day.

The deal has been repeatedly extended, but in June 2018, the parties adopted a decision to increase production by 1 million barrels a day, to escape from the fulfillment of the terms of the agreement.

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