Suit Alleges OPEC Price-Fixing On Oil In U.S.

Law360, New York (July 2, 2007, 12:00 AM EDT) -- Foreign oil wholesalers OAO Lukoil, Saudi Arabian Oil Co. and Petroleos de Venezuela SA have been hit with a proposed class action alleging that, as members of OPEC, they have colluded to limit the supply of refined petroleum products and keep prices high since the 1980s.

Green Oil Co., which buys and resells refined petroleum products such as diesel fuel, gasoline and heating oil, filed the lawsuit last week in the U.S. District Court for the Northern District of Illinois, asking the judge to seize the...
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