BP CEO: Anti-OPEC legislation in Congress would create big risk of oil booms and busts

CEO Bob Dudley said OPEC plays a critical role in stabilizing world oil prices and NOPEC legislation under discussion in the House would have serious and unpredictable consequences for the world oil market.

The No Oil Producting and Exporting Cartels Act, or NOPEC, would make it illegal under U.S. law for foreign nations to work together to limit fossil fuel supplies and set prices. It would authorize the Justice Department to sue oil-producing nations for antitrust violations, by removing their sovereign immunity protections.

“I think the idea of opening global litigation against the OPEC countries has enormous unpredictable, unintentional consequences,” said Dudley in response to a question at the annual IHS Markit CERAWeek annual energy conference in Houston. The legislation brought up in the House Judiciary Committee was a hot topic of discussion at CERAWeek. “I think reason will prevail,” Dudley said.