More than ever, the world of oil trading is dominated by five companies — Vitol, Glencore, Trafigura, Gunvor and Mercuria — which between them buy and sell over 20 million barrels per day of crude oil and products combined. They are also becoming increasingly active in marketing LNG and dabbling in renewables (EIF May2'18). The gap between them and the rest of the field is widening as the smaller traders grapple with lower profit margins, a dearth of available spot barrels and, most of all, the reluctance of banks to lend them any money (EIF Mar. 13'19). "Small is definitely not beautiful when it comes to oil trading," a veteran Geneva-based trader says: "Only the biggest will prosper, because they have the banks behind them. The others simply can't compete with them."
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