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The original was posted on /r/worldnews by /u/AndOneintheHold on 2024-05-03 00:10:54.
American oil tycoon accused of trying to conspire with OPEC to inflate prices
Submitted 2 years ago by bot@lemmit.online [bot] to worldnews@lemmit.online
https://www.cnn.com/2024/05/02/energy/oil-ceo-opec-scott-sheffield/index.html
autotldr@lemmings.world [bot] 2 years ago
This is the best summary I could come up with:
Scott Sheffield, founder and longtime CEO of a leading American oil producer, attempted to collude with OPEC and its allies to inflate prices, federal regulators alleged on Thursday.
Regulators say Sheffield used WhatsApp conversations, in-person meetings and public statements to try to “align oil production” in the Permian Basin in Texas with that of OPEC and OPEC+, the wider group that includes Russia.
Sheffield’s communications were designed to pad Pioneer’s bottom line — as well as those of oil companies in OPEC and OPEC+ member states — at the expense of US households and businesses,” the FTC complaint said.
The FTC gave the green light on Thursday for Pioneer to be sold to ExxonMobil for $60 billion — but only under an agreement that prevents Sheffield from sitting on Exxon’s board or serving as an adviser.
Sheffield’s past conduct makes it crystal clear that he should be nowhere near Exxon’s boardroom,” Kyle Mach, deputy director of the FTC’s Bureau of Competition, said in a statement.
“But Mr. Sheffield did not limit himself to public signaling to US counterparts — he has also held repeated, private conversations with high-ranking OPEC representatives assuring them that Pioneer and its Permian Basin rivals were working hard to keep oil output artificially low,” the FTC said.
The original article contains 731 words, the summary contains 208 words. Saved 72%. I’m a bot and I’m open source!