OPEC Secretary-General Mohammad Barkindo said that OPEC was not a cartel and does not fix oil prices, responded to a question about a US bill which would open OPEC to antitrust laws, Reuters reported.
"OPEC is neither a cartel nor involved in the business of fixing oil prices," Barkindo told Reuters on the sidelines of the Egypt Petroleum Show. "It would be a misjudgment to accuse us of such."
The No Oil Producing and Exporting Cartels Act, commonly known as NOPEC, if passed into law would open OPEC to lawsuits by the US attorney general--either targeting members of the organisation or the group as a whole.
"OPEC is an open, transparent organization focused on assisting the oil markets to remain in balance on a sustainable basis, which is a fundamental requirement of investors," Barkindo said.
"The international oil industry needs market stability to plan and invest in a predictable manner in order to guarantee future supplies."