(Bloomberg) — OPEC is sending a clear message to Wall Street banks and big investors: If Washington passes legislation that would allow the U.S. government to sue the cartel, the first victim will be shale.
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OPEC, in cooperation with non-OPEC member Russia, are currently discussing the option to put another production cut in place. During the recent Joint Ministerial Monitoring Committee meeting of OPEC ministers in Abu Dhabi, a consensus was formed between an overwhelming majority of its members that the current oil market situation again substantiates a production cut in 2019.
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OPEC has urged all its members not to mention specific oil prices, to instead stick to the ‘market stability’ narrative in public comments about oil policies to avoid the risk of potential U.S. antitrust lawsuits for manipulating the market if the United States passes a proposed legislation, Reuters reported on Wednesday, citing sources close to OPEC.
Read MoreThe OPEC and NOPEC agreement to keep current production restraints in place through 2018 will contribute to an oil price increase in the second half of next year, according to Wood Mackenzie.
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