The European Commission suspects the largest oil companies in cahoots

Offices of major oil companies searched in Europe.

The European authorities are keeping a close watch on Shell, Statoil and Beyond Petroleum.

The Directorate-General for Competition has suspected them of collusion. The companies are suspected of presenting false information about oil prices to the agency Platts – one of the most influential energy information sources in the world. The oil companies tied to manipulate the oil and biofuel prices.

The European Commission has warned that the companies have not been returned guilty yet. It is too early to claim that they have violated the competition law.