Javier Blas, Columnist

The 50-Euro (Yes, 50 Euros) Lawsuit Threatening OPEC

A German academic is going where few have gone before with their annoyance at the oil cartel: court.

November 7, 2022 at 5:00 AM UTC

Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. He is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”

AUSTRIA-VIENNA-OPEC-PRODUCTION CUT — Photographer: Xinhua News Agency/Xinhua News Agency

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Armin Steinbach is a man on a mission. The 44-year-old German economist and lawyer believes OPEC is operating an illegal cartel, inflating the price of the gasoline and heating oil he buys. So he has decided to sue for damages: 50 euros, plus interest.

The lawsuit, filed in regional court in Berlin against OPEC and several state-owned oil companies, isn’t a legal joke and hasn’t been laughed out of court. For now, it has been allowed to proceed, and the judge has asked OPEC — and several state-owned oil companies — to name their lawyers.