OPEC isn't a cartel, doesn't fix oil prices - Barkindo
(Adds further quotes)
CAIRO, Feb 11 (Reuters) - OPEC Secretary-General Mohammad
Barkindo said the exporting group was not in the business of
fixing oil prices, when asked on Monday to comment on a U.S.
House committee passing a bill targeting OPEC oil supply cuts.
A U.S. House of Representatives committee approved a bill on
Thursday that would open up the Organization of the Petroleum
Exporting Countries to antitrust lawsuits, but it was uncertain
if the measure would be considered by the full chamber.
"OPEC is neither a cartel nor involved in the business of
fixing oil prices," Barkindo told Reuters. "It would be a
misjudgment to accuse us of such," he said on the sidelines of
an energy forum in Cairo.
OPEC and a group of non-OPEC countries including Russia, an
alliance known as OPEC+, are reducing oil output in 2019 to
avoid a potential supply glut that could weigh on prices. A
similar action in 2017 got rid of an earlier supply glut.
"OPEC is an open, transparent organisation focused on
assisting the oil markets to remain in balance on a sustainable
basis, which is a fundamental requirement of investors,"
"The international oil industry needs market stability to
plan and invest in a predictable manner in order to guarantee
(Reporting by Nadine Awadalla and Alex Lawler in London
Writing by Eric Knecht
Editing by Louise Heavens and David Evans)
First Published: 2019-02-11 13:11:53
Updated 2019-02-11 15:41:27
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