The Early Economist

Authorities from the European Commission have raided the offices of major oil firms BP, Shell and Statoil in an investigation of suspected price-fixing.

The size of this investigation makes it one of the largest cross-border actions since the Libor scandal.

The European Commission yesterday said it was investigating a number of the world’s major oil companies over suspected price-fixing agreements. These agreements are related to the submission of prices to leading oil pricing agency Platts.

“Officials carried out unannounced inspections at the premises of several companies active in and providing services to the crude oil, refined oil products and bio-fuels sectors,” the EC said.

The Commission also confirmed that the inspections took place in two EU member states and one non-EU country.

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