For the world's biggest oil traders, it feels like a return to the 1980s wh...
GENEVA/LONDON - For the world’s biggest oil traders, it feels like a return to the 1980s when earnings were diluted by an abundance of crude.
Veteran executives, many of whom learned the trade in the Marc Rich era, say only the fittest firms will survive the new crisis. Executives say consolidation is inevitable, as rising market transparency means companies have fewer opportunities to exploit quality or timing dislocations between producers and end-users to win deals outside of exchanges or futures markets.While bigger trading firms can absorb the weaker profits, smaller companies are racing to find savings and cut staff.
Other companies aim to adapt by scaling up and boosting profits by trading bigger volumes. Swiss-based ArrowMetals said last month it was buying AOT Energy. Vitol, the world’s biggest oil trader, lifted traded volumes by a third in the last five years but added just 15% more staff. However, IT staff numbers rose by 60%.RIVALS BEEF UP
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