OREANDA-NEWS.  October 12, 2012. The 4th session of the International Working Group for Developing Oil and Oil Products Markets and the Methods of their Functioning took place in London (the UK). Representatives of the antimonopoly bodies of Russia, Austria, Germany, Portugal and the UK attended the meeting, reported the press-centre of FAS.

It was the members of the Working Group met for the forth time; earlier representatives of around 20 countries from three continents took part in the WG sessions, including Russia, Austria, China, Germany, Kazakhstan, Portugal, the UK, Ukraine, the USA and some others.

The 4th session focused on pricing on the global markets and the impact of the global prices on the wholesale prices on the national markets of oil and oil products.

“The location was not a coincidence: in London there are the Headquarters of Argus Media and Platts - the largest world informational-and-analytical agencies with offices located in the largest countries across the globe, as well as Intercontinental Exchange (ICE) – one of the world leaders, which along with oil and oil products trades the main commodities circulating on the global markets”, pointed out Anatoly Golomolzin.

For two days representatives of the Working Group discussed in detail the main aspects of pricing for oil and oil products on the global markets, such as:

Pricing transparency;

Specifics of the markets of oil and oil products and derivatives;

Independence of tender organizers and market participants;

Methodology and procedures of tenders and evaluation of the value of oil and oil products.

Reference:

The decision to form the Working Group was made at the first meeting in Moscow (Russia), based on a discussion at a representative international conference of the existing problems and their social-and-economic consequences, importance of these markets for various economies of both exporters and importers of oil and oil products.

The second meeting in Vienna (Austria) was devoted to methodologies of the analysis of oil and oil products markets, accounting for specifics of the wholesale and retail sales, specifics of these markets determined by oligopolistic structure and vertically-integrated chains of the market participants.

The third session in Kazan (Russia) focused on monitoring the markets of oil and oil products. In view of the social-and-economic importance of these markets the parties continuously monitor them - directly by the antimonopoly bodies, employing available forces and means, and within a system of state and industry statistics. Arrangements were made to develop a common database comprising monitoring and statistical data, and generalizing the main achievements in the methodologies and enforcement practice of the antimonopoly law, etc.