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Posts Tagged ‘Oil Price Manipulation’

Shell: oil market regulation will cost consumers

Royal Dutch Shell lobbied against proposed European rules designed to clamp down on commodity market abuse, arguing they would raise costs for consumers and increase market volatility.

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Shell argued strongly against elements of EC reforms to “strengthen the fight against market abuse across commodity and related derivative markets”.

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Emily Gosden By 10:00PM BST 18 May 2013

The oil giant was last week raided by European Commission investigators over suspicions it could have colluded with BP and others to rig the oil price for more than a decade by reporting distorted prices to a price reporting agency (PRA).

The investigation has reignited the broader debate around regulation of trading in commodities such as oil and gas, which affect prices paid by consumers.

European Union politicians are considering EC plans to “strengthen the fight against market abuse across commodity and related derivative markets” and to revise the Markets in Financial Instruments Directive (MiFID II) to “enhance the transparency and oversight of derivatives markets including commodity markets”. read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell and BP bosses met secretly to fix oil prices?

The Sun newspaper alleges Shell boss Jeroen van der Veer secretly met Lord Browne of BP once a year to discuss oil prices. Perfectly matched pair to engage in some jiggery-pokery.

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By John Donovan

The Sun newspaper alleges Shell boss Jeroen van der Veer secretly met Lord Browne of BP once a year to discuss oil prices.

Under the website headline “Shell and BP in secret meetings about oil”, the Sun is publishing an article on Sunday alleging that Jeroen van der Veer, Peter Vosers predecessor as Chief Executive of Royal Dutch Shell Plc, secretly met his BP counter-part, Lord Browne, once a year to discuss oil prices.

(Headline in Sun Newspaper article: “I NEED WORD IN YOUR SHELL-LIKE ABOUT OIL”) read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Libor in a barrel

Oil markets fall under the suspicion of price-fixing on a global scale

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royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Senator calls for U.S. to join oil price probe

Screen Shot 2013-05-17 at 01.04.00Kevin McCoy, USA TODAY4:43 p.m. EDT May 17, 2013

U.S. public concern over a European probe into possible oil price manipulation escalated Friday as the head of the Senate Committee on Energy and Natural Resources urged the Justice Department to join the investigation.

The request from Sen. Ron Wyden, D-Ore., came after European Union investigators this week raided the offices of global energy giants BP, Royal Dutch Shell and Statoil. The anti-trust probe is examining whether the companies manipulated oil prices by making false reports to Platts, an energy industry data service owned by McGraw Hill Financial. read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Platts in Lockdown as Investigators Continue Oil Probe

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Screen Shot 2013-05-17 at 01.06.41Published: Friday, 17 May 2013 | 3:54 AM ET

European anti-trust investigators searched the offices of price agency Platts and at least one major oil company for a third day on Thursday, hunting for evidence of possible price manipulation on oil markets, witnesses said.

Authorities raided the London bureau of Platts in Canary Wharf and the offices of Statoil, Royal Dutch Shell and BP on Tuesday in the biggest trading probe since the Libor scandal.

(Read More: EU Raids Offices of Big Oil Firms Amid Pricing Probe) read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

The Serious Fraud Office ‘urgently reviewing’ oil price inquiry

UK fraud authorities are “urgently reviewing” whether to launch an investigation into companies that may have rigged the oil market and driven up petrol costs for millions of drivers.

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By Rowena Mason and Christopher Hope: 7:06PM BST 16 May 2013

The Serious Fraud Office said it is considering an inquiry, after European Commission officials raided the London offices of BP and Shell. The companies, along with a Norwegian oil giant, Statoil, are suspected of having “colluded in reporting distorted prices to manipulate the published prices for a number of oil and biofuel products”.

It comes the day after David Cameron said he wanted to see prosecutions with the “full force of the law” if the allegations are proven. read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil companies face public and political backlash if found guilty

FINANCIAL TIMES

By Guy Chazan: May 15, 2013

Big Oil is braced for a big backlash, as the industry faces what could be its own Libor moment.

“…the allegations sparked a political firestorm…

FULL ARTICLE

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil price fixers should face prison

Oil price fixers should face prison, says Cameron: ‘Rigging’ might have cost every household £2,000 

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Oil giants Shell and BP accused of fixing prices for more than a decade. PM said allegations ‘hugely concerning’ and threatens to prosecute bosses. Experts believe scandal could have cost consumers thousands at the pump

By Rob Davies and Jason Groves: PUBLISHED: 23:36, 15 May 2013 | UPDATED: 07:42, 16 May 2013

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Oil traders at Shell and BP should face prison if it is proved they conspired to fix prices, David Cameron said last night.

The Prime Minister made no attempt to disguise his anger as both of Britain’s oil giants were named among several firms accused of fixing prices for more than a decade.

He said the allegations were ‘hugely concerning’ and that anyone held responsible would face ‘major consequences’ if the claims were proved true. read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

SELECTION OF SHELL RELATED ARTICLE LINKS 15 MAY 2013

SELECTION OF SHELL RELATED ARTICLE LINKS KINDLY SUPPLIED BY A REGULAR CONTRIBUTOR

IEA forecasts US to account for a third of new oil supplies: Financial Times-The outlook will influence businesses as diverse as major oil companies, including ExxonMobil and Royal Dutch Shell, big commodities traders …

Oxford University won’t take funding from tobacco companies. But …: The Guardian-… on research at Manchester University partly to help it drill deeper for oil. … Over the past few days I have asked the Shell professor of earth … Floating LNG Upsets Oil and Gas Outlook in Australia, Southeast Asia: the Diplomat-As the boom in oil prices gathered pace, less economical fields became … Shell is constructing the world’s first such pontoon for use at its …

Gas finds in east Mediterranean may change strategic balance: BBC News-“This will tremendously reduce our oil invoice and the cost of energy … They include giants such as ExxonMobil, Shell, Chevron and Total.

“You Were Robbed”: NBC4 I-Team Exposes New “Tricks and Tactics …: NBC Southern California-So what does Jiffy Lube, owned by Shell Oil, have to say about the alleged fraud uncovered by the I-Team at some of its stores? NBC4 offered … read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP and Shell raided in oil price-rigging investigation

The London offices of BP and Shell have been raided by European regulators investigating allegations they have “colluded” to rig oil prices for more than a decade.

European commission carries out ‘unannounced inspections’ to investigate claims oilcompanies colluded to manipulate prices

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The London offices of BP and Shell have been raided by European regulators investigating allegations they have “colluded” to rig oil prices for more than a decade.

The European commission said its officers carried out “unannounced inspections” at several oil companies in London, the Netherlands and Norway to investigate claims they may have “colluded in reporting distorted prices to a price reporting agency (PRA) to manipulate the published prices for a number of oil and biofuel products”. read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

BP and Royal Dutch Shell raided

BP and Royal Dutch Shell saw their offices raided today as the European Commission launched an investigation into oil price fixing. The Commission said it is concerned there has been collusion aimed at manipulating the prices of not only oil, but also petrol and biofuels.

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 A bogus market?

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By This Is Money Reporter

PUBLISHED: 16:58, 14 May 2013 | UPDATED: 17:17, 14 May 2013

BP and Royal Dutch Shell saw their offices raided today as the European Commission launched an investigation into oil price fixing.

Norway’s Statoil and price reporting agency Platts have also admitted to working with the authorities in their inquiries.

The Commission said it is concerned there has been collusion aimed at manipulating the prices of not only oil, but also petrol and biofuels.

It added that the anti-competitive co-operation may also have prevented others from taking part in the assessment of market prices. read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil prices could be rigged by traders warns G20 report

A report commissioned by the G20 group of the world’s biggest economies has warned oil prices could be vulnerable to a Libor-style rigging scandal.

16 July 2012 Last updated at 17:40

A report commissioned by the G20 group of the world’s biggest economies has warned oil prices could be vulnerable to a Libor-style rigging scandal.

According to the International Organization of Securities Commissions (IOSCO), the current system of oil price reporting is “susceptible to manipulation or distortion.”

Benchmark prices are compiled by price reporting agencies. The biggest, Platts, says “there is absolutely no similarity” between Libor and oil. read more

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell exec welcomes new DOE probe into alleged collusion

An executive of Pilipinas Shell Petroleum Corp. said Wednesday he was “surprised” that an investigation into the alleged collusion of oil firm giants was again launched by the government to look into persistent accusations that they were manipulating fuel prices.

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell grilled by U.K. Treasury Select Committee over role of speculation in the rise of oil prices

The U.K.'s Treasury Select Committee last week held a hearing into the regulation of oil markets at which witnesses from the FSA, oil market ICE Futures Europe and Anglo-Dutch oil giant Shell were grilled over the key factors behind the rise in oil prices, including the role of speculation.

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Pressure on oil futures’ ‘London loophole’

Those giving evidence include three ICE Futures Europe executives – including Sir Bob Reid, its chairman – Alexander Justham, director of market supervision at the FSA, and Steven Fries, chief economist at Shell, the energy group.

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Bets double on oil hitting $200

The number of financial market bets on crude oil prices hitting $200 a barrel before the end of this year has almost doubled in the past month, a further sign of growing concern that oil prices will continue to rise sharply in the near term.

royaldutchshellplc.com and its also non-profit sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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