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EU: Platts oil pricing likely ‘prone to collusion,’ says Commission

 |  November 14, 2013

The lead investigator for the European Commission’s probe of price reporting agency Platts told reporters that the company’s pricing system “could be prone to collusion or distortion.”

Celine Gauer, head of the Commission’s antitrust unit for the energy industry, said the remarks at a Conference in Brussels Thursday to offer an overview of the case, which is examining Platts for allegations of price manipulation in the oil market as well as abuse of dominance.

According to Gauer, “it doesn’t take much” for information to become distorted within Platts’ pricing system. Officials will take at least a year to review all of the necessary documents within the case, which began when the Commission raided Platts’ offices along with those of other gas companies.

Full Content: Bloomberg

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