Arab Today, arab today eu raids oil majors in probe over possible price fixing
Last Updated : GMT 12:05:43
Arab Today, arab today
Arab Today, arab today

EU raids oil majors in probe over possible price fixing

Arab Today, arab today

Arab Today, arab today EU raids oil majors in probe over possible price fixing

Brussels - AFP

The European Commission has carried out surprise inspections at several major oil companies over possible price fixing in breach of EU anti-trust rules. The Commission did not name any of the companies involved in Tuesday's raids but British energy giant BP, Shell and Norway's Statoil said that their offices had been visited. The Commission statement explained that even small distortions of the market could have a "huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers". In a statement, BP confirmed it "is one of the companies that is subject to an investigation ... We are cooperating fully with the investigation and unable to comment further at this time." A Shell spokesman said: "We can confirm that Shell companies are currently assisting the European Commission in an inquiry into trading activities. Norwegian firm Statoil and Platts, the world's leading oil price reporting agency, also both confirmed they were being investigated. "The suspected violations are related to the Platts' Market-On-Close (MOC) price assessment process, used to report prices in particular for crude oil, refined oil products and biofuels, and may have been ongoing since 2002," said Statoil, which is 67 percent owned by the Norwegian government. The European Commission said officials "carried out unannounced inspections at the premises of several companies active in and providing services to the crude oil, refined oil products and biofuels sectors. "These inspections took place in two EU member states," a statement said, adding that one country in the European Economic Area (EEA) -- of which Norway is a member -- was also involved. "The Commission has concerns that the companies may have colluded ... to manipulate the published prices for a number of oil and biofuel products," it said. Additionally, the firms "may have prevented others from participating in the price assessment process, with a view to distorting published prices." British motoring groups and politicians lined up to voice their anger at the allegations. The Automobile Association predicted that "the lid is about to be blown off", telling the Daily Mail that it "has been warning since 2005 about the activity of speculation in oil and fuel markets." David Bizley, technical director of car services company RAC, said the claims were "worrying news for motorists" and vowed his company would campaign for greater transparency in the UK fuel market. Shadow energy and climate change secretary Caroline Flint called the reports "very concerning", which if true, suggested "shocking behaviour" in the oil market. "When the allegations of price fixing in the gas market were made, Labour warned that opaque deals and relying on price reporting agencies left the market vulnerable to abuse. "These latest allegations of price fixing in the oil market raise very similar questions," added the Labour MP. "Consumers need to know that the prices they pay for their energy or petrol are fair, transparent and not being manipulated by traders." Colleague Chris Leslie said any evidence of price fixing would be "a shocking scandal for our financial markets" while Conservative MP Robert Halfon repeated his calls for a full investigation into alleged cartels and market manipulation. "Last year, in a debate that I pressed for, parliament voted unanimously for an investigation into the oil market," he explained. "These latest allegations underline why that must happen urgently. "High oil prices are crushing families across Britain. Motorists are being taken for a very expensive ride." Britain's Office of Fair Trading (OFT) ruled out a probe four months ago, concluding there was "very limited evidence" that pump prices were being manipulated. Former Liberal Democrat treasury spokesman Matthew Oakeshott compared the allegations to the Libor scandal, which resulted in several banks paying out huge settlements over claims they manipulated the key interest rate. Larry Neal, the president of Platts, rejected similar accusations in a letter to the Financial Times earlier this week. "Your comparison of PRA (price reporting agency) activity to Libor is a false one," he said. "While PRAs do obtain information from 'traders who may have a vested interest in moving the markets,' the agencies do not have any such vested interest," he added. "In contrast, our role is providing market transparency.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu raids oil majors in probe over possible price fixing Arab Today, arab today eu raids oil majors in probe over possible price fixing

 



Arab Today, arab today
Arab Today, arab today Hats, scarves add beauty to women

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today To release new antiques collection

GMT 20:33 2017 Friday ,17 February

To release new antiques collection
Arab Today, arab today Optimism on the front line

GMT 07:24 2017 Monday ,20 February

Optimism on the front line
Arab Today, arab today Murder of 2 reporters in Dominican Republic

GMT 22:45 2017 Thursday ,16 February

Murder of 2 reporters in Dominican Republic

GMT 04:54 2017 Saturday ,18 February

Oil prices slip as high stocks overshadow OPEC cuts

GMT 21:38 2017 Thursday ,16 February

Kuwait Oil Price Down 25 cents to $52.30 pb

GMT 14:40 2017 Thursday ,16 February

OPEC daily basket price announced for Wednesday

GMT 19:14 2017 Wednesday ,15 February

Gasoline, diesel prices increase 100 L.L.

GMT 04:39 2017 Wednesday ,15 February

Oman Crude Oil Financial contract closes at US$55.45
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today Tragic fluctuations of Bakhtiari's life revealed

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Porsche reveals new 2018 Panamera

GMT 17:31 2017 Wednesday ,15 February

Porsche reveals new 2018 Panamera
Arab Today, arab today Egypt to hold first session of Arab film festival

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 07:30 2017 Saturday ,18 February

Actress Nadeen Al Rassi views art as her entity

GMT 06:40 2017 Friday ,10 February

MP calls for removing text from Islamic story

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 14:04 2017 Tuesday ,14 February

"Lagom" new Swedish concept in interior design

GMT 12:07 2017 Thursday ,16 February

Bite-mimicking malaria vaccine

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 21:42 2017 Sunday ,12 February

Rania al-Ghazali designs candles of bubbles
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday