Did BP, Shell, Statoil, And Others Fix Oil Prices And Behave Anti-Competitively?
By Werner Kranenburg: Oct 30 2013, 13:46
In legal proceedings, which may prove critical for both physical oil traders and traders in oil-related financial instruments, who should take note for their own possible action, the focus of attention has of last week firmly shifted to a federal trial court in Manhattan for now. The European Commission stating that “[e]ven small distortions of assessed prices may have a huge impact on the prices of crude oil…” concerns all involved and, besides governmental authorities, market participants have their role to play as well in ensuring the integrity of benchmarks and fairness of competition such as through the courts.
In August last year, a trading arm of French oil major Total SA (TOT) submitted a letter to the International Organization of Securities Commissions (“IOSCO”) in which it says that “[s]ometimes the criteria imposed by [Price Reporting Agencies] do not assure an accurate representation of the market and consequently deform the real price levels paid at every level of the price chain…” It also speaks of the direct impact “inaccurate pricing” and “erroneous prices” have on the pricing of over-the-counter contracts and beyond. IOSCO, an assembly of financial markets regulators, published the letter in its final report on Principles for Oil Price Reporting Agencies in October 2012.
Then in May this year, it has been widely reported, three oil majors, namely BP PLC (BP), Royal Dutch Shell PLC (RDS.A, RDS.B) and Statoil ASA (STO), and McGraw Hill Financial Inc.’s (MHFI) Platts, which compiles and publishes Brent Crude oil prices, were the subjects of unannounced inspections, more commonly referred to as ‘raids,’ by the respective national competition authorities coordinated by the European Commission.
Disclosure by Werner Kranenburg: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
