The global oil market has been navigating rough waters since 2019. The COVID-19 pandemic has induced an economic slowdown, and a quick fill up of onshore and offshore storage facilities has further derailed the global refinery market’s growth. Data-centric platforms such as OilX will be crucial in resolving restraints in the oil market in the coming years.
OilX is proud to be recognized with the 2020 Product Leadership Award for our continued commitment to innovation in the Oil Data Intelligence market. The OilX Platform, the world’s first digital oil analyst, provides advanced oil data analytics and satellite-based intelligence to map the global oil flow and relies on machine learning to create a digital twin of the oil supply chain. Built on a data science framework and using AI technology, OilX enables oil traders, analysts and operators to make informed decisions based on real-time, data-driven insights.
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid market acceptance. Frost & Sullivan Best Practices awards recognize companies for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development.
The level of data provided by OilX allows oil traders, analysts, producers, and end users to track real-time inventories of global refineries and identify any underlying buying patterns, thus driving commercial assessment and improving the business value for customers.