A consortium consisting of BP, Shell, Statoil, trading houses Gunvor, Koch Supply & Trading, Mercuria, and banks ABN Amro, ING and Societe Generale will develop a blockchain-based digital platform for energy commodities trading.
China’s largest crude oil refiner Sinopec aims to ship more cargoes from Brazil, the United States and Canada to help ensure stable crude supplies. Asia, which will account for a third of the world’s refining capacity by 2020 will have to look beyond the traditional markets Middle East and Africa for crude supplies. China will soon import its first Southern Green Canyon and Thunderhorse crude from the United States, and Brazil overtook Venezuela as the top South American crude supplier to China in the first two months of this year.
OEF REVIEW:“It’s hard to see a dramatic price increase,” Vitol Group BV Chief Executive Officer Ian Taylor told Bloomberg in an interview, saying prices were likely to bounce around a band with a midpoint of $50 a barrel for the next decade. “We really do imagine a band,” probably between $40 and $60 a barrel, he said. “I can see that band lasting for five to ten years. I think it’s fundamentally different.”
