NOPEC
Last action on Feb 20, 2025Read twice and referred to the Committee on Finance.
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Summary
No Oil Producing and Exporting Cartels Act of 2023 or NOPEC
This bill prohibits a foreign state from engaging in collective action impacting the market, supply, price, or distribution of oil, natural gas, or any other petroleum product in the U.S. Specifically, a foreign state is prohibited from
- collective action that limits the production or distribution of such product,
- collective action to set or maintain the price of such product, or
- any other action that restrains trade of such product.
Specified defenses such as sovereign immunity (i.e., a foreign state's immunity from the jurisdiction of U.S. courts) and the act of state doctrine (i.e., the prohibition of a court invalidating an official act of a foreign sovereign performed within its own territory) shall not apply to a foreign state's violation of this bill.
