It was revealed last month that regulators in Asia have joined European and U.S. agencies investigating potential manipulation of oil prices by BP. The giant oil company said in its annual report that in June 2013 the Japanese Fair Trade Commission sent an “initial request for information” to BP, and that the Korea Fair Trade Commission “initiated an investigation” in December. In January of this year, according to BP, the U.S. Commodity Futures Trading Commission (CPTC) also requested documents.
European Union (EU) regulators have been looking into whether big oil companies including BP, Norway’s Statoil AS, and Royal Dutch Shell PLC manipulated oil-price benchmarks. Last year, EU antitrust authorities conducted a series of unannounced inspections of oil companies and Platts, a division of McGraw Hill Financial that calculates oil benchmarks.
In June, the U.S. Federal Trade Commission (FTC) also sent a “request for voluntary submission of documents and information” about an investigation into whether or not BP, Shell or Statoil “have engaged in unfair methods of competition or manipulative or deceptive conduct.” BP says it is producing documents for the FTC.
Source: Dow Jones Business News
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