European authorities investigate possible manipulation of oil prices as the oil companies get raided by the authorities. Although no names of companies undergoing the investigation were mentioned in the statement released by the EU, however, Shell, BP and Statoil claims their offices had been visited by the European authorities.
The statement did not identify the companies involved in the investigation, saying the inspections had taken place in two EU member states and one non-EU country.
According to the EU’s executive’s statement “Officials carried out an unannounced inspection at the premises of several companies active in and providing services to the crude oil, refined oil products and biofuels sectors.“
“Even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers,’” the Commission said.
The EU Authorities are said to carry out the investigation over possible anti-competitive agreements related to Platt prices.
According to a statement released by Platts “The European commission has undertaken a review at its premises in London this morning in relation to the Platts price assessment process “
Platts is the world’s leading oil pricing agency that compiles prices for energy markets.
The European commission is believed to have visited the Platts London offices on Tuesday and stated “Platts is co-operating fully with the European Commission’s review.“
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