Libya says U.S. Congress approval of NOPEC would destabilise oil markets
March 20 (Reuters) - Libya’s oil minister said on Monday that approval of the No Oil Producing and Exporting Cartels Act, known as NOPEC, by the U.S. Congress will lead to instability in the international oil market.
“OPEC+ is trying to achieve the stability of the market via determining the supply quantities not the prices,” the minister, Mohamed Oun, said in comments during a meeting with the Algerian ambassador in Tripoli.
The No Oil Producing and Exporting Cartels bill is intended to protect U.S. consumers and businesses from engineered oil spikes.
Reporting by Reporting by Moaz Abd-Alaziz, writing by Omar Abdel-Razek, editing by Susan Fenton
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