The European Commission is investigating Shell, BP, Statoil and Platts in connection with possible manipulation of the oil market.
Documents seen by The Telegraph and obtained by Energydesk suggest the oil giant successfully lobbied against regulation of the European oil market and rules to prevent insider trading.
The revelations come as Shell prepares for its annual general meeting amidst an investigation into oil market manipulation. There is no suggestion in the documents that the firm was manipulating prices.
The firm argues that the rules would result a more volatile market which could make it easier for traders to move the price of oil.
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Shell’s European offices were recently raided by inspectors from the European Commission following allegations the firm attempted to rig the price of oil and bio-fuel products.
The offices of BP, Statoil and price reporting agency – Platts – were also raided as part of the investigation into rigging since 2002.
Any rigging could have pushed up the price of petrol and energy bills in the UK.
Unlike the stock exchange the oil and gas market in Europe is largely un-regulated.
The allegations centre on attempts to manipulate the price of oil and gas by rigging the prices given to un-regulated agencies.
Those prices then went on to set the amount paid by traders in so-called ‘over the counter’ deals not seen by the public.
But in the slides Shell argued that ‘physical trades’ in oil, gas and other commodities should not be regulated under rules then being proposed by the European Commission.
The documents were obtained by writer and gas-market whistle-blower, Seth Freedman, during a lobbying meeting in September last year prior to an early vote on new rules.
Shell also argued that rules to prevent insider dealing should be changed to protect the company’s commercial confidentiality.
Shell argued that the rules – as drafted – could lead to price spikes and higher bills for consumers.
When asked to comment on the documents by The Telegraph a Shell spokesperson declined.
