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EU: Did energy regs ignore oil warnings for years?

By  |  July 1, 2013

The European union’s energy commissioner from 2004-2010 reportedly received – and then ignored – a warning over possible manipulation of oil pricing benchmarks by Platts, say reports. The Commission is currently investigation the oil market following allegations of price-fixing; the watchdog raided Platts, as well as Royal Dutch Shell, BP and Statoil, last May. But more three years ago ex-EU energy commissioner Andris Piebalgs reportedly received an inquiry by Portuguese lawmaker Ilda Figueriedo who questioned whether Platts’ benchmarks were being manipulated; but Piebalgs dismissed the warning, describing the oil market as “transparent” and reliable.

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