A European Commission (EC) investigation into alleged price fixing in over-the-counter oil trade could have major impact on how oil companies in the Middle East and elsewhere price their crude and refined products.
This month the EC, the executive arm of the European Union, raided the offices of key price reporting agency Platts and firms, including BP, Shell and Statoil, which participate in the Platts price discovery process. The EC said that it is probing potential collusion and manipulation in the Platts price-setting mechanism. (CONTINUED - 1200 WORDS)
