Oil producing nations with a high average fiscal break-even, but also oil traders have been caught off guard by the plunge in oil prices this Spring. Oil nations are forced to diversify faster or face the consequences. The world’s largest oil trader has seen its first-quarter net profit fall by 70%. In addition to the apparent financial crunch that many in the oil industry are feeling today, oil traders, national oil companies, shippers, oil giants, pipeline companies, or small oil companies in the shale patch are weathering a variety of oil market storms, including a shifting geopolitical power landscape, fierce and costly market share battles, and impossible future planning. Much ado has been made about the dire situation that some of the powerhouses in the market now face, such as Saudi Aramco (who, in the midst of the war for market share in April exported an additional 3 million […]