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 November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


SSA Welcomes Decision To Extend BEO

The Singapore Shipping Association (SSA) has welcomed the decision by Singapore’s Minister for Trade and Industry to extend the Competition (Block Exemption

Moore Stephens Highlights Potential Tax Issues for Shipping

As part of the Government’s drive to encourage voluntary compliance with the tax rules, it will legislate to introduce a new requirement that large businesses

SSAB, Aspo ESL Shipping Pact On Sea Transport

The global steel company SSAB and Aspo Group’s ESL Shipping Ltd have signed a long-term frame agreement covering sea freight for SSAB’s inbound raw material sea

Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair 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: 0.0656 sec (15 req/sec)