The oil storage and shipping market is notoriously opaque. But that’s about to change, thanks to a new global oil market analytics platform based on Sentinel data, developed by UK start-up OilX with the support of ESA Space Solutions.
In September 2019, drones were used to attack the state-owned Saudi Aramco oil-processing facilities at Abqaiq and Khurais in eastern Saudi Arabia. The facilities were shut down for repairs, resulting in Saudi Arabia's oil production, which represents about 5% of global crude oil, being cut by half. When the financial markets re-opened, the price of crude oil registered its biggest ever increase due to uncertainty surrounding the disruption to supplies.
This was a key moment for OilX and its new Oil Trading Analytics Monitor (OTAM) platform, as the company was able to assist oil traders around the world with fast and detailed analysis of the balance of global oil demand and supply.