U.S. Federal Court Bars OPEC From Price Fixing

Monday, April 02, 2001
A U.S. federal court reportedly has granted a one-year injunction barring oil producer group OPEC from fixing prices.

Prewitt Enterprises won a civil anti-trust case in an Alabama court, accusing the Organization of the Petroleum Exporting Countries (OPEC) of conspiring to fix oil prices through oil supply agreements. OPEC is for the next year "restrained from entering any agreements among themselves or with third parties to raise, lower, or otherwise determine volumes of production and export of crude oil," a Senior U.S. District Judge ruled March 21.

OPEC made successive cuts in production through 1998 and 1999 that pushed crude oil prices to their high level since the Gulf War and lifted gasoline pump prices to record highs.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Noncompliant Cargo Ship Banned from Australia

The 86-meter general cargo ship Noah Satu has been prohibited from entering or using any Australian ports for the second time in less than 12 months, following another round of safety,

Grounded Giant Chinese Boxship Freed

One of the world's largest container ships has been freed from a mud bank after running aground almost a week ago near Germany's largest port of Hamburg, German authorities said on Tuesday.

Migrants Reaching Europe by Sea Soars 10-fold

Ten times as many migrants and refugees arrived in Europe by sea in the first six weeks of the year as in the same period of 2015, and the number of deaths also soared,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0631 sec (16 req/sec)