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Wednesday, 9 August 2017

State oil producers eye bigger slice of trading pie

State oil producers eye bigger slice of trading pie:

"National oil companies have spent years watching independent traders make huge profits from shipping their crude around the world: now these state-backed producers want a larger slice of the action.

As rivalries between traditional exporter countries intensify and Opec producers battle newer competitors such as US shale companies, big Middle East producers such as Iraq, the UAE and Kuwait are exploring ways to get more involved in oil trading. This reflects efforts to generate greater cash for their crude as the market downturn enters its third year.

“These national oil companies are at the very early stages of this process,” says Roland Rechtsteiner, head of global risk and trading at consultancy Oliver Wyman. “But one thing that is consistent across the board, particularly in the Middle East, is the recognition they must find additional revenue streams.”"



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