Saudi Arabia ready to fight anti-Opec US legislation

Saudi Arabia is taking no chances with the longshot ‘Nopec’ bill, hiring former US solicitor-general Ted Olson as a lobbyist to campaign against the act.

Saudi Arabia is the de facto leader of the Organisation of Petroleum Exporting Countries (Opec), pumping about one-third of the world’s crude. The group was said in July to be consulting lawyers to prepare a strategy to defend against proposed US legislation that could open up the group to antitrust lawsuits, according to those familiar with the matter at the time.

Although US Congress has debated various legislation targeting Opec since 2000, Presidents George W. Bush and Barack Obama threatened to use their veto power to prevent it becoming law. President Donald Trump has repeatedly attacked the group both before after being elected.

The Saudi embassy contracted with Olson’s law firm — Gibson, Dunn & Crutcher LLP — to develop a white paper opposing the ‘No Oil Producing and Exporting Cartels Act’ legislation. It will also prepare a legal analysis of the bill and write an op-ed against it. The firm’s work also could include lobbying members of US Congress and staffs.