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“The price that gets published can be then subject to many thousand multipliers all around the world, impacting contracts done elsewhere,” said Liz Bossley, CEO of Consilience Energy Advisory Group and who has authored a report to the G20 on PRAs. Those agencies are effectively “in an extremely powerful position. They’re filling a role that should be taken by a regulator and it suits the industry for them to be there,” she said.
European Union probes into oil-price assessments about a decade ago partly led to greater oversight by the International Organization of Securities Commissions. That may not have been enough, according to Bossley.
