FTC investigating oil executives for collusion with OPEC, allegations of improper communications

From Investing.com: 2024-07-19 17:55:48

The U.S. Federal Trade Commission is investigating executives from major oil firms like Hess Corp, Occidental, and Diamondback over their communications with OPEC officials, amid multi-billion dollar deals under FTC review. Allegations of collusion over oil market dynamics are being examined, following FTC’s scrutiny of former Pioneer CEO’s alleged attempts to raise oil prices with OPEC.

Hess Corp denies baseless allegations of improper communications with OPEC officials, as Occidental, Diamondback, and the FTC have not yet responded to requests for comment. U.S. Senate budget committee is also probing Exxon and Chevron for any potential illegal coordination of oil prices with OPEC, in the latest scrutiny of oil industry practices.



Read more at Investing.com: U.S. FTC probes Hess, Occidental execs over OPEC communication, Bloomberg reports By Reuters