Former EU Energy Commissioner Andris Piebalgs

Former EU Energy Commissioner Andris Piebalgs

Balint Porneczi/Bloomberg

If the market “trusts” in the pricing-mechanism, then it “has a reason to trust,” Andris Piebalgs, former European commissioner for energy now the EU’s development commissioner, said in an interview in Brussels on June 27, referring to the oil-pricing system now under scrutiny.