For decades, different forms of ‘NOPEC’ legislation designed to pave the way for lawsuits against OPEC have been considered by Congress. Last week, the U.S. Senate Judiciary Committee approved the NOPEC bill, leading to pushback from both within and outside the U.S. OPEC’s most influential energy ministers warned that the bill could send oil prices soaring by 200 or even 300 percent. If the U.S. passes the NOPEC bill, a bill designed to pave the way for lawsuits against OPEC members for market manipulation, the oil market could face even more chaos. OPEC’s most influential energy ministers warned against passing the legislation, suggesting it could send oil prices soaring by 200% or 300%. “The last thing we want is someone trying to hinder that system,” the UAE’s Energy Minister Suhail al-Mazrouei said at a conference in Abu Dhabi, referring to the system OPEC has had in place for decades […]