Posts under ‘Oil Prices’

This action arises from Defendants’ unlawful combination, agreement and conspiracy to fix and restrain trade in, and intentional manipulation of North Sea Brent Crude Oil (“Brent Crude oil”) and the prices of Brent Crude oil futures contracts…: Defendants deliberately reported inaccurate, misleading and false information regarding Brent Crude oil prices to Platts… By John Donovan [...]

By Brian Swint; May 24, 2013 The three oil producers under investigation by the European Commission for manipulating oil prices are being sued in a class-action lawsuit in the U.S. BP Plc, Royal Dutch Shell Plc (RDSA) and Statoil ASA (STL) “deliberately reported inaccurate, misleading and false information regarding Brent crude oil prices to Platts,” [...]

(Reuters) – A commodities trader has filed suit against BP Plc, Royal Dutch Shell Plc and Statoil in a U.S. federal court, accusing the companies of colluding to fix prices in North Sea Brent crude oil. Thu May 23, 2013 4:33pm EDT (Reuters) – A commodities trader filed suit against BP Plc (BP.L), Royal Dutch [...]

EXTRACTS: Oil market participants have called into question the accuracy of Platts’s benchmarks. In an August letter to the International Organization of Securities Commissions, Total Oil Trading, an arm of French oil company Total, said Platts’s prices are “out of line with our experience” several times a year. Spokesmen for BP, Shell, and Statoil declined [...]

Allegations of “malpractice” in the oil market that could have cost drivers hundreds of pounds will be handed over to European investigators by a group representing 5,000 independent garages. By Rowena Mason, Political Correspondent: 12:01AM BST 23 May 2013 The Petrol Retailers’ Association said it has turned to the European Commission after British authorities failed [...]

By Rob Davies: PUBLISHED 22 May 2013 Investors joined environmental protesters in giving Royal Dutch Shell a slap on the wrists, as a tenth of them failed to back the oil giant’s pay arrangements. In what is likely to be chief executive Peter Voser’s last annual meeting before he retires, some 10 per cent of [...]

It is not the first time oil companies have been in regulators’ cross hairs. In September 2006, the European Commission fined 14 firms €266.7m (£224.8m) for rigging the price of bitumen over eight years in the Netherlands. Shell received the biggest penalty. FROM THE SUNDAY TIMES Page 9, 19 May 2013 Watchdogs join oil giants [...]

The whistleblower gave Halfon a statement in which he said the price of oil was being deliberately distorted: ‘I trade the oil market on a daily basis and every day the price is manipulated,’ he said. ‘There is ample oil in the system to satisfy demand at the moment. Profiteering seems to be the only [...]

John No doubt you picked this up already.   The words of a pharisee (red is mine). And what does he really mean, allegations of manipulation are against everything we believe. So Shell does not believe in allegations? Manipulation is OK?: Extracts from Dow Jones Report THE HAGUE, The Netherlands–The European Union probe into potential [...]

John, Your readers may find the following links interesting in view of the latest allegations regarding Royal Dutch Shell, BP, StatOil, and perhaps others: Racketeer Influenced and Corrupt Organizations Act - Wikipedia, the … en.wikipedia.org/…/Racketeer_Influenced_and_Corrupt_Organizations_…‎ This law-related article does not cite its references or sources. You can help Wikipedia by including appropriate … Summary - RICO predicate offenses - Application of RICO laws - Famous cases [...]

By John Donovan Assessment of current situation in the price-rigging investigation partly based on an articled published today by The Lawyer today under the headline “All eyes on energy“: Royal Dutch Shell is being advised by Clifford Chance in relation to the allegations of price-fixing. Competition lawyers say that the investigation could be “bigger than [...]

FINANCIAL TIMES By Ajay Makan and Javier Blas in London: May 17, 2013 5:48 pm In simultaneous raids this week on the offices of the oil majors BP, Royal Dutch Shell and Statoil of Norway, and Platts, a leading price reporting agency that helps set energy benchmark prices, the European Commission has fired the starting [...]

Selection of Shell related article links kindly provided by a regular contributor If ‘everyone knew’ the oil market was open to rigging, why did no one …The Guardian-It is worth spelling out that manipulation of the oil market, which could … Statoil, BP and Shell are not just petrol providers – they are major gas … European probe into oil price-fixing widens to Finland: Marketplace.org-May 17, 2013: [...]

Top petrol chiefs held talks once a year: The whistleblower claimed the office was swept for bugs before the talks, lasting nearly two hours. He added: “The security around their meetings was incredible. There was lock-down. The whole floor was a no-go area for anyone else. “It was just the two of them — the [...]