US FTC investigates whether oil majors have improper communication with OPEC officials

On July 20th, according to foreign media reports, the US FTC is investigating whether executives of several major oil companies, including Hess, Occidental Petroleum, and Diamondback Energy, had improper communication with OPEC officials. According to people familiar with the matter, Federal Trade Commission investigators are looking for evidence that executives tried to collude with OPEC officials about oil market dynamics. Such communication, especially regarding pricing and production, could be illegal under the US Antimonopoly Act.