FTC Probes Oil Executives' Texts for OPEC Collusion

The U.S. Federal Trade Commission (FTC) is intensifying its scrutiny of the oil and gas sector, focusing on communications between executives at major firms such as Hess Corp., Occidental Petroleum Corp., and Diamondback Energy Inc. The FTC's investigation seeks to determine if these executives improperly coordinated with OPEC officials, potentially violating U.S. antitrust laws. Investigators are looking for evidence of collusion, particularly discussions about pricing and oil production levels. Such coordination could lead to higher oil prices…