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.

More companies, governmental entities and regular people have been joining a class-action lawsuit in federal court involving allegations that some of the country’s largest oil producers have colluded ...

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 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.

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.

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

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 required Exxon to withdraw its offer of a board seat to Pioneer Natural Resources CEO Scott Sheffield as a condition for its go-ahead. The FTC alleged he colluded with OPEC to reduce U.S ...

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 ...