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Messy Business

In: The Rivers of Money

Author

Listed:
  • Adi Imsirovic

    (Surrey Clean Energy)

  • Colin Bryce

    (Energex Partners)

Abstract

This chapter describes the chaotic and opportunistic nature of the oil trading market during the 1970s. It begins with the story of Andy Whitrow, who left BP to join Magna, a small trading operation, and navigates through a series of complex and defaulted oil deals involving various types of crude oil. The chapter highlights the impact of the 1973 Arab-led oil embargo, which disrupted the control of major oil companies and led to skyrocketing prices, attracting new players to the oil trading business. It discusses the evolving oil pricing structures, the role of OPEC, and the emergence of spot markets. The chapter also explores the strategic actions of the UK government and the creation of the British National Oil Corporation (BNOC), which played a significant role in the development of oil markets despite its operational challenges. The discovery of oil in the Alaskan North Slope and the North Sea further influenced global oil trading dynamics. The chapter concludes with the eventual decline of BNOC and the rise of BP as a dominant force in oil trading, emphasising the transformative events and geopolitical shifts that shaped the oil trading industry during this period.

Suggested Citation

  • Adi Imsirovic & Colin Bryce, 2025. "Messy Business," Springer Books, in: The Rivers of Money, chapter 0, pages 53-68, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-91806-3_4
    DOI: 10.1007/978-3-031-91806-3_4
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