The fate of OPEC is threatened by a lawsuit for 50 euros

Armin Steinbach is a man who believes he has an important mission. The 44-year-old German economist and lawyer believes OPEC is running an illegal cartel, driving up the price of the gasoline and motor oil it buys. Therefore, as a citizen, Armin decided to sue for damages: 50 euros plus interest. Obviously, the further fate of the OPEC project will be decided by a not so small lawsuit - after all, it's not about money, but in principle.

The lawsuit filed in the Berlin regional court against OPEC and several state-owned oil companies is not a legal joke and has not been ridiculed out of court. At the moment, the document has been put into motion, and the judge asked OPEC and several state oil companies to send their lawyers. Bloomberg writes about this case in an article by columnist Javier Blas.

As the expert notes, this case is unusual, if only because OPEC has been managing what looks, behaves and even hides the results of the collusion as an oil cartel for more than 60 years, although the organization has not yet incurred any responsibility. But, if the court rules against it, the consequences could be far-reaching. At least in the short term, consumers will get lower prices while everyone involved in the deal, from Saudi Arabia to the big oil companies, will make less money.

Western governments have shied away from using the courts against OPEC for two reasons: they thought it was protected by sovereign immunity and the doctrines of acts of state, and they feared retribution. Several legislators have considered innovative ways to break the impasse. Can Steinbach succeed where few attempts in the past have failed? The lawsuit has three elements in its favor. In recent years, European courts have ruled against the oil industry in historic cases that few even thought of just a few years ago.

Yes, oil prices are high, but the market looks completely tame compared to cartel-free markets like natural gas and coal. So let the oil tycoons be careful with their uncontrollable desires.

Blas wrote.
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  1. Victor M. Offline Victor M.
    Victor M. (Victor) 8 November 2022 10: 51
    No one is obliged to extract and sell their country's non-renewable natural resources at prices that the buyer wants. This is not software where competition is needed.
  2. Sergey Latyshev Offline Sergey Latyshev
    Sergey Latyshev (Serge) 8 November 2022 11: 21
    Essentially, OPEC is a cartel. Which, according to our Criminal Code, is a crime.
    But! Onzhe brings money to the oligarchs, oil magnvats and sheikhs! That means you can and should!
    (and he's not the only one)
    1. isofat Offline isofat
      isofat (isofat) 8 November 2022 11: 24
      You now agree "thinker". yes
    2. In passing Offline In passing
      In passing (Galina Rožkova) 8 November 2022 15: 36
      Sergei Latyshev, the EU is also a cartel, NATO is also a cartel, the UN is also a cartel. All of them serve certain interests.
  3. In passing Offline In passing
    In passing (Galina Rožkova) 8 November 2022 15: 41
    German law is not precedent. But in general it's interesting. The comrade filed a lawsuit in the wrong place, but first it was necessary to the national government for organizing sanctions against Russia, as one of the largest oil suppliers. OPEC is the most "extreme" instance here.
  4. Saffron Offline Saffron
    Saffron (Igor) 9 November 2022 07: 20
    As always, Europe is trying to change what it does not like. It is not the first time for them to violate laws and treaties, up to the establishment of a "price ceiling". I understand politics, the European Commission presses and forces all countries to do as they say. But OPEC is the economy and they voluntarily decide what is best for the market. That is, for political reasons, you can agree on certain actions that affect others, but in the economy it turns out impossible ...