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International Business Times
International Business Times
Bruce Golding

FTC Says Hess CEO Encouraged OPEC To Raise Prices, Bans Him From Chevron Board

John Hess OPEC Chevron FTC Hess Corp Oil CNBC
Hess Corp. CEO John Hess (L) takes part in a discussion with ConocoPhillips Chairman and CEO Ryan Lance in Houston on March 7, 2023. (Credit: MARK FELIX/AFP via Getty Images)

U.S. regulators on Monday accused Hess Corp. CEO John Hess of encouraging OPEC to raise oil prices, banning him from joining Chevron's board of directors as a condition of approving the companies' $53 billion merger.

The Federal Trade Commission said Hess, 70, "communicated publicly and privately with OPEC representatives and oil ministers of OPEC member states," including the cartel's current and former secretaries-general.

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