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Report: Gulf countries may withdraw their investments from America if passed a law against OPEC DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

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Report: Gulf countries may withdraw their investments from America if passed a law against OPEC

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Report: Gulf countries may withdraw their investments from America if passed a law against OPEC Empty Report: Gulf countries may withdraw their investments from America if passed a law against OPEC

Post by claud39 on Fri Mar 08, 2019 7:05 am

http://www.uabonline.org/en/news/arabicnews/15781602158516101585158316081604157516041582160416/61399/0



Report: Gulf countries may withdraw their investments from America if passed a law against OPEC




08/03/2019





Report: Gulf countries may withdraw their investments from America if passed a law against OPEC Rc_155202965521_23



WASHINGTON (Reuters) - Saudi Arabia and other Gulf states may have to pull out huge investments in the United States if President Donald Trump passes a controversial law to punish OPEC, an American think tank said on Tuesday. 

The bill, prepared by the US House of Representatives Judiciary Committee known as the NOPC Act, provides for punishing Opec and its partners if it cuts oil production in order to raise prices, which was rejected by all former US presidents. 

The Baker Institute said in a lengthy report published on Wednesday that the adoption of such a law would harm the US economy and could prompt OPEC countries and other producers to abandon the US dollar in oil deals worth billions of dollars.

The report pointed out that the adoption of this law will expose the investments and assets of all OPEC countries in the US market risk of freezing or withdrawal in the event of the US Justice Department to pursue these members of the judiciary on the pretext of working to raise oil prices. 

"Such a law and the subsequent prosecutions and judicial proceedings will prompt oil-exporting countries to stop injecting investments into the US market, which is a major blow to the United States, especially that Saudi Arabia, Kuwait and the UAE have injected huge petrochemical investments into the US market over the decades Past ". 
The report attributed the report to official data showed that the investments of the three Gulf countries alongside Iraq amounted to about 305 billion dollars by the end of last year, which are concentrated in US bonds and real estate and industrial sectors.

The report warned that the US judicial authorities may have to liquidate some of those assets to implement sanctions in the framework of legal proceedings against OPEC countries. 

"This could push the Gulf countries and other members of OPEC to withdraw their investments in the United States gradually and to move to other markets, which will cause great damage to the US market because of the magnitude of those assets." 

The report also warned that the adoption of this law will push the OPEC countries and other producers to abandon the dollar as the official currency in the pricing of oil deals, which would give "a severe blow to the financial and economic influence of the United States in the world."

"This law will generally weaken the financial, economic and diplomatic influence of the United States, and this will also weaken economic sanctions on Iran ... At the same time, it will be an incentive for oil producing countries to switch from the dollar to other currencies in order to avoid any judicial proceedings by the US authorities "He said. 

According to the report, the NOPC bill, "the law that prohibits the creation of any cartel for oil producing and exporting countries," provides for prosecution by the US Department of Justice against any foreign country cooperating with another state or person through a cartel, association or any form of Forms of cooperation and joint action to reduce the production and distribution of oil and natural gas and other petroleum products to control prices. "

The legislation also provides for the punishment of any country cooperating with others to reduce the volume of trade, which may affect the market and prices and the volume of supply of oil and natural gas and petroleum products in the US market directly and strongly.
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