The Industry in Which We Were Paid

This chapter explores the evolution of the oil trading industry from the 1980s, a period marked by deregulation, the influx of American corporations into London, and the rise of key players in global oil markets. It highlights the expansion of oil trading firms, along with major corporations like Union Oil of California (Unocal) and emerging producer-state entities such as Kuwait Petroleum Company and Angola’s Sonangol. The narrative delves into the social and economic dynamics that shaped the industry, including lavish networking events like the Institute of Petroleum (IP) Week and the contrasting business cultures between European and American firms. The chapter also examines the critical role of brokers in facilitating trades and influencing market movements, while shedding light on controversial aspects of the business, such as sanctions-busting and high-risk speculative trading. Key figures, from corporate strategists to maverick traders, are discussed, revealing how personal ambition, institutional strategy, and market manipulations influenced the industry. The rise of new trading mechanisms, including forward contracts and financial incentives, is also explored, illustrating the increasing sophistication of oil markets. The shift from a socially-driven trading environment to one defined by financialisaton and Wall Street’s growing involvement. The transformation of oil trading into a powerful global force underscores its lasting impact on economies and geopolitics.