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Mastering the Commodities Markets by Francesca Taylor

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Geopolitics

For the majors and traders this dual attack on their traditional ‘trading sphere’ has forced a rethink of strategy on their part. Majors have rationalised and realigned their trading businesses massively – firstly by pulling out of ship owning, and secondly by pulling out from large parts of the refining sector as they were unable to compete with the new refineries in Asia and the many subsidised domestic markets in the developing world. Figure 3.9 shows the global geographical spread of crude oil production, in millions of barrels per day.

Reinvestment in upstream oil and gas has also proved challenging for many companies due to the rising wave of nationalism in many oil-rich countries. The irony of this is that whilst countries ...

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