• 6 minutes U.S. - Saudi Arabia: President Trump Says Saudi Arabia's King Wouldn't Survive "Two Weeks" Without U.S. Backing
  • 10 minutes Iranian Sanctions - What Are The Facts?
  • 15 minutes U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 32 mins Can the World Survive without Saudi Oil?
  • 9 hours How High Can Oil Prices Rise? (Part 2 of my previous thread)
  • 2 days COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 1 day $70 More Likely Than $100 - YeeeeeeHaaaaa
  • 7 hours German Voters Set to Punish Merkel’s Conservative Bloc
  • 1 day How Long Until We Have Working Nuclear Fusion Reactor?
  • 2 days China Thirsty for Canadian Crude
  • 3 hours Threat: Iran warns U.S, Israel to expect a 'devastating' revenge
  • 2 days China Tariff Threatens U.S. LNG Boom
  • 8 hours Saudi A Threatens to Block UN Climate Report
  • 2 days Cruise ship could get a 100'000$ fine for using illegal bunker fuel
  • 2 days UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 2 days China auto sales sink
  • 7 hours Nothing new in Middle East? Iran Puts On 'Show Of Strength' Military Exercise In Gulf
Hurricane Michael’s Impact On Gasoline Demand

Hurricane Michael’s Impact On Gasoline Demand

Hurricane Michael had a significant…

U.S. Oil Companies Face $240 Billion Debt Mountain

U.S. Oil Companies Face $240 Billion Debt Mountain

U.S. oil producers are facing…

South African Watchdog Charges Major Oil Companies with Price Fixing

How do those at the top stay at the top? They cheat?!?

Well that could be the case in South Africa. The country’s competition watchdog, The Competition Commission, announced today that it is charging the local units of some major international oil companies with price fixing activities.

The companies which include; Chevron, BP, Total, Shell, Sasol, and Engen, have been accused of sharing detailed company information about sales and customers from the late 1980s up to 2005 with the aim of reducing competition from other organisations.

Related Article: Oil Still Calling the Cards in Mideast

As part of the charges the Competition Commission explained that “information at this level of detail allowed the oil companies to closely track each other's sales and to align their strategies in the market, eliminating competition between themselves. This also enabled them to divide or allocate markets by deciding not to enter, or compete for, certain geographic markets or customer groupings.”

They have requested that the Competition Tribunal consider levying a fine against each company involved equivalent to 10 percent of revenue from the previous year.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News