With 50 percent of global oil production under its control, OPEC has historically been able to influence or even set global prices, the FTC noted — something that would be illegal if carried out ...

Second oil company CEO conspired with OPEC to keep prices high, FTC charges by Saul Elbein - 09/30/24 1:33 PM ET. by Saul Elbein - 09/30/24 1:33 PM ET.

FTC investigators are said to be looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, particularly on pricing and production.

U.S. FTC probes Hess, Occidental execs over OPEC communication, Bloomberg reports. By Reuters. July 19, 2024 9:53 PM UTC Updated July 19, 2024 The logo for Occidental Petroleum ...

The FTC complaint alleged Hess frequently encouraged the cartel’s efforts to hold back crude supplies, citing public comments and private correspondence with OPEC Secretary-General Haitham Al ...

The FTC's investigation seeks to determine if these executives improperly coordinated with OPEC officials, potentially violating U.S. antitrust laws.

The FTC cited John Hess’ participation in public meetings as well as private communications regarding oil supply with officials at OPEC, including OPEC Secretary General Mohammad Barkindo.

Republican Who Might Become FTC's Next Chair Blasts Democratic Commissioners' 'All Mergers Are Bad' Mindset 7 minute read November 14, 2024. By. Chris O'Malley. Email. Share. Print.

Federal regulators are alleging a major oil company CEO conspired with foreign governments to keep oil and gas prices high. On Monday, the Federal Trade Commission (FTC) filed a complaint against ...