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Posts Tagged ‘Price fixing’

Oil Probe That EU Says Mirrors Libor May Reveal Huge Damage

Oil-price manipulation may have wrought “huge” damage to consumers, the European Union’s antitrust chief said today, as he drew comparisons with EU investigations into rigging of bank rates including Libor.

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EU Competition Commissioner Joaquin Almunia said, “If de facto the manipulation is confirmed, indeed, huge damages for consumers and users would have been originated by this.” Photographer: Andrew Harrer/Bloomberg

By Stephanie Bodoni May 28, 2013

Oil-price manipulation may have wrought “huge” damage to consumers, the European Union’s antitrust chief said today, as he drew comparisons with EU investigations into rigging of bank rates including Libor.

While it’s too soon to draw conclusions from the May 14 raids on Royal Dutch Shell Plc (RDSA), BP Plc (BP/), Statoil ASA (STL) and Platts, EU Competition Commissioner Joaquin Almunia said both sets of probe target price manipulation through a reporting system. read more

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BP & Shell Fixed North Sea Oil Prices for a Decade, Trader Says

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Collusion in reference prices for oil?

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 to comment.

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Europe’s Oil Market Gets Its Own Price Benchmarks Scandal

By , , and : May 23 2013

Statoil (STO) sold a tanker of Norwegian crude valued at about $63 million to BP (BP) on May 9. That transaction, which wasn’t subject to any oversight by financial authorities, would help set the price of more than half the world’s oil. The deal was reported to Platts, a unit of McGraw Hill Financial (MHFI), which uses information from traders and others involved in the market to set benchmarks for oil and related products. Platts’s figures help determine the price refiners pay for crude, which in turn affects what consumers pay for gasoline and diesel fuel. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Petrol retailers to hand allegations of manipulation to European investigators

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.

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Screen Shot 2013-05-17 at 01.06.41By 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 to act on its “formal and detailed complaint” alleging “anti-competitive practices” in the oil and petrol markets.

The European Commission last week raided the offices of BP and Shell in London over suspicions oil companies have “colluded” to distort fuel prices. The companies have confirmed they are fully co-operating with the investigation but cannot comment further while the investigation is underway. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Watchdogs join oil giants on rack in price-fix case

Screen Shot 2013-01-31 at 08.47.44It 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 on rack in price-fix case

After whistleblowers’ claims of rigging failed, Brussels is trying to prove it

Extracts from the article by Karl West

It was June last year, and Halfon had just received an email from an oil trader who wanted to expose the tricks used to manipulate oil prices.

Abbott was sent to make sure the person purporting to be a trader was not a crank.

First impressions were good. The middle-aged man was dressed in a smart navy suit, and it was soon clear that he had a “forensic” knowledge of the oil futures market.

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. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Price-fixing investigation targeting Shell, BP, and StatOil

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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

18 USC Chapter 96 – RACKETEER INFLUENCED AND CORRUPT 

www.law.cornell.edu › USC › Title 18 › Part I

The Congress number forms the first part of the Public Law number; each Congress  The Public Law field is linked to the development of the law in the Thomas system  RICO · Equal Employment Opportunity Commission · Affirmative action  read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

Shell directors face up to 5 years in jail if guilty of price-fixing

Screen Shot 2013-05-17 at 01.06.41By 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 Libor”.
  • If the allegations prove to be true, there is the prospect of unlimited fines and jail terms of up to 5 years for  directors.
  • There is an incentive of reduced sanctions dependent on the degree of co-operation i.e. turning informer.
  • Shell has confirmed that it is co-operating with the investigation.
  • Shell lawyers will have to decide whether to defend or continue to co-operate.
  • read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    EU oil price probe underlines flawed system

    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 gun on one of the biggest cross-country investigations into benchmark pricing since banks were caught red-handed…

    (THIS IS THE BEST ARTICLE WE HAVE READ EXPLAINING ABOUT THE INVESTIGATION AND HOW ENERGY BENCHMARK PRICES ARE SET) read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    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 sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    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 sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    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 sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    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 sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    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 sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    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 sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    David Cameron ‘deeply’ concerned by oil price fixing claims

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    David Cameron is extremely concerned by claims of price fixing by major oil companies, Downing Street has said.

    The prime minister’s spokesman said it was “deeply worrying” if prices have been driven up for consumers.

    Oil giants including BP and Shell are facing claims they have been fixing prices for more than a decade.

    It follows a raid on the offices of BP, Royal Dutch Shell, and Norway’s Statoil by European anti-trust regulators.

    The companies said they were co-operating with investigators. read more

    royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com

    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 sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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