A 44-year-old German economist and lawyer, Armin Steinbachhas decided to sue OPEC for damages of 50 euros plus interest, accusing the group of operating “an illegal cartel” that inflates inflation price of gasoline and he buys heating oil according to expert reports piece by Bloomberg energy and commodity columnist Javier Blas.

The lawsuit was filed in the Berlin district court against OPEC and many state-owned oil companies, the report said, adding that the judge asked OPEC and the companies to name their lawyers.

Also read: Short sale brokers

Steinbach, who teaches economics and law Business School HEC Paris and used to be a civil servant in the Federal Ministry of Finance believes in his chance.

“OPEC is a cartel. It is an organization that offers states a platform to agree on their oil production quotas. It eliminates the competitive pressure that would otherwise exist and thereby indirectly influences prices,” he said.

“I hope OPEC will act on the court order soon. Ignoring court orders is not a wise strategy when dealing with German courts,” Steinbach said in a tweet.

.@Javier Blas on my lawsuit against #OPEC at the court of Berlin.
I hope OPEC responds to the court order soon. Ignoring court orders is not a wise strategy when dealing with German courts. https://t.co/Oru8ZF7cF4

— Armin Steinbach (@armin_steinbach) November 7, 2022

OPEC outlook: Last week, OPEC said in its World Oil Outlook 2022 that global oil demand is projected to increase from nearly 97 million barrels per day (mb/d) in 2021 to around 110 mb/d in 2045.

Oil prices held firm on Tuesday as supply concerns offset demand worries from China as Covid-zero policies were reiterated. That United States Brent Oil Fund BNO closed down 0.53% on Monday, while the Vanguard Energy Index Fund ETF VDE 1.99% higher closed.

Continue reading: Tesla Bull’s ARK Cathie Wood says EVs could capture a much higher market…