Libya: Approval of US Congress on NOPEC Will Disrupt Oil Market

Libyan Minister of Oil in the Government of National Unity, Mohamed Aoun, announced that OPEC+ seeks to stabilize the global market by only determining quantities and is not involved in price setting. Aoun stated in a statement during a meeting with the Algerian ambassador in Tripoli that OPEC+ "seeks to stabilize the global market by determining quantities only to create balance in the market and is not related to price setting." The Libyan oil minister indicated that if "the US Congress approves the NOPEC bill, it could lead to disruptions in the global oil market," noting that the US legislation "NOPEC" aims to protect consumers and US companies from plans to raise oil prices.