American oil tycoon accused of trying to conspire with OPEC to inflate prices

Scott Sheffield, the founder and former CEO of Pioneer Natural Resources, allegedly attempted to collude with OPEC and its allies to manipulate oil prices, according to federal regulators.

The Federal Trade Commission (FTC) claimed that Sheffield exchanged numerous text messages with OPEC officials, discussing pricing, production, and oil market dynamics.

These communications aimed to coordinate oil production in the Permian Basin with OPEC and OPEC+ countries, in violation of the free market principles governing US oil production.

Sheffield retired from Pioneer in December 2023, but the FTC’s approval of Pioneer’s sale to ExxonMobil for $60 billion included provisions preventing Sheffield from involvement with Exxon, CNN reported.

read more: https://www.cnn.com/2024/05/02/energy/oil-ceo-opec-scott-sheffield/index.html

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