Energy analyst Chris Cook has demanded the introduction of a transparent registry for oil trading amid concerns that the current system gives producers and traders the power to manipulate prices.

Linlithgow-based Cook, head of compliance and supervision at the International Petroleum Exchange for six years until 1996, wants to wrest control of the sector from middlemen and give supervisory power to a trade body that also includes consumers and producers.

Cook, who rocked the industry seven years ago with allegations, which were strongly denied, of price fixing, retains a high standing in the sector, and after giving evidence to MPs on the Treasury committee last week he has submitted plans for heightened regulation.

Cook told The Herald: "Consumers urgently need this because they fear they are being ripped off, and if they are not being ripped off they have no way of knowing the fact."

He believes there is enormous scope for price-fixing in the industry because most oil transactions are based on the delivery prices of Brent, Forties, Oseberg and Ekofisk oil - essentially North Sea oil.

But with just 70 cargoes of 600,000 barrels produced each month with a total value of around $5bn, it is dwarfed by an estimated $260bn invested in the energy sector, much of it borrowed and much of it controlled by investment banks and hedge funds.

Currently much trading takes place on London-based ICE Futures Europe, which owns and controls the market data.

Cook wants to shed light on the sector by introducing a global regulatory regime in which consumer interests are paramount.

This would provide data on who is trading what and would have the power to ban those who conspire to manipulate the market.

"I believe that oil-consuming nations should lead the foundation of a global market transaction registry' to be held in the neutral hands of a custodian.

"Exclusive use of such a registry could then be for members of an international energy trade association - essentially a market-user group.

"The outcome would be to enable regulators globally to access the data they require to enforce agreed market standards."

Yesterday Brent fell 88 cents to $130.19 after initially gaining $2 to around $133. US crude futures fell 41 cents to $128.88.