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Saturday, October 1, 2016

U.S. Federal Court Bars OPEC From Price Fixing

April 2, 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.



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