According to today’s oil price report, OPEC is currently restricting oil production due to concerns about slowing demand growth, in order to prevent oil prices from falling sharply in oversupply markets. But OPEC’s state-owned oil companies (NOCs) are looking to the long term and trying to get a large share of the cake in the oil trade.
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OPEC’s largest oil producers include state-owned oil companies in Saudi Arabia, Iraq and the United Arab Emirates (UAE), which plan to vigorously develop their respective oil trading businesses to find additional sources of profit from their vast commercial and marketable oil resources. National oil companies in the Middle East are already competing with the largest independent oil traders, such as Vitol, Trafigura, Glencore, Mercuria and Gunvor.
In this competition, state-owned oil companies have a huge advantage over independent oil traders, that is, state-owned oil companies have their own oil.
| Gamma-PGA (gamma polyglutamic acid) |
According to S&P’s global analysis, state-owned enterprises account for 76% of the world’s 25 largest oil companies in terms of oil production.
Today, OPEC’s oil companies will expand and open trade offices around the world, and seek to significantly increase their oil trading business and volume, thereby enhancing competition in the oil trade field.
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