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European Commission inspects oil companies over possible price-fixing in crude oil, refined products, and biofuel markets

4:18 AM MDT | May 16, 2013 | Francinia Protti-Alvarez

The European Commission says it has carried out unannounced inspections at the premises of several companies operating in the crude oil, refined oil products, and biofuel sectors amid concerns that the companies may have colluded in reporting distorted prices to a price-reporting agency (PRA). The companies inspected are BP, Royal Dutch Shell, and Statoil (Stavanger, Norway), various reports say. Statoil confirmed that its offices had been inspected at the request of the commission, and that it is cooperating with the relevant authorities.   The commission...

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