In contrast with current resource-heavy oil analysis, which is based on disparate and historical data, OilX aims to revolutionize oil analytics by harnessing artificial intelligence to provide companies with amore accurate and timely view of market fluctuations, ultimately allowing companies to do much more in far less time.
Key Takeaways:
- Historically, trading trends have been affected by socio-political factors. Nowadays they are equally affected by the fast pace of tech change that dominates the global economy.
- Margins within commodity trading are eroding, and indeed, it appears as if the industry as a whole needs to come to terms with a less profitable reality.
- OilX, which was founded in January 2018 launched a world-first technology platform which aims to transform the oil trading industry through the application of AI.
- The company’s uniqueness lies in the fact that it uses the tools and system of a modern-day hedge fund to create a comprehensive data science framework.
Last year, big oil producers and consumers set up trading operations for the first time. The trend is driven by asset optimization. The national oil companies have always been sellers, without ever stepping into the role of intermediary. These companies are becoming more integrated and are moving downstream in an effort to leverage their market positions.
