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Glencore's 2018 Oil Trade Volume dips 17 pct

By  AOG Staff Wednesday, 20 February 2019 02:53
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Glencore's overall traded oil volumes fell 17 percent year-on-year in 2018 to 4.66 million barrels per day (bpd), according to the mining and trading firm's annual results.

File Image: CREDIT AdobeStock / © Jose Gill
File Image: CREDIT AdobeStock / © Jose Gill

Crude saw the bigger decline of 22 percent to 2.58 million bpd, while refined products were down 11 percent at 2.08 million bpd year-on-year

"The Brent curve dropped back into contango, when for most of the year it was comfortably backwardated. The backward crude structure in 2018 compared to 2017 had a dampening effect on our traded volumes," the report said. 

Reporting by Julia Payne

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