VOSCOW (MRC) - European authorities have raided offices of oil majors Shell, BP and Statoil in an investigation of suspected manipulation of oil prices, one of the biggest cross-border actions since the Libor rigging scandal, said Reuters.
Authorities have sharpened scrutiny of financial benchmarks around the world since slapping large fines on some of the world's biggest banks for rigging interest rate benchmarks.
On Tuesday, the European Commission said it was investigating major oil companies over suspected anti-competitive agreements related to submission of prices to leading oil pricing agency Platts, a unit of McGraw Hill Group (MHFI.N).
The Commission also said companies may have prevented others from participating in the price assessment process, with a view to distorting published prices.
Statoil said the suspected violations were related to the Platts price assessment process and may have been ongoing since 2002.
Critics say the system is only a snapshot of the market, because it excludes trade outside the window - one reason that it can be vulnerable to manipulation.
The Commission said that even small distortions of assessed prices may have a huge impact on the prices of crude oil, refined oil products and biofuels purchases and sales, potentially harming final consumers.
It added the fact inspections had been carried out did not mean the companies were guilty of anti-competitive behavior.
The Commission did not make clear whether it was investigating a specific incident. These investigations typically take years to draw final conclusions.
Platts, Royal Dutch Shell (RDSa.L), BP (BP.L) and Statoil (STL.OL) said they were cooperating with the probe.
French major Total (TOTF.PA) said there had been no inspections at its offices. The Commission did not list the companies being investigated, and it was not clear whether other companies were included.
MRC