Exxon Mobil’s effort to build an energy trading business to compete with those of European oil majors unravelled quickly last year as the firm slashed the unit’s funding amid broader spending cuts, 10 people familiar with the matter told Reuters. The cuts left Exxon traders without the capital they needed to take full advantage of the volatile oil market, these people said. The coronavirus pandemic sent prices to historic lows — with US oil trading below zero at one point — before a strong rebound. That created an immense profit opportunity for trading operations willing to take on the risk. Exxon instead systematically avoided risk by pulling most of the capital needed for speculative trad
Hence then, the article about exxon retreats from oil trading in pandemic as rivals made fortunes was published today ( ) and is available onٌRayaٌ news ( Qatar ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details Finally We wish PressBee provided you with enough information of ( Exxon retreats from oil trading in pandemic as rivals made fortunes )