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50 Years of Modern Oil Trading

When people hear “oil trading,” their minds quickly shift to OPEC, embargoes and price shocks. But for those who have spent lives in the business, it is something very different. Oil trading is a human story - part adrenaline, part calculation, and always a fair bit of theatre. The market, for all its complexities, is ultimately a social construct. And for the last 50 years, it has been built by people. From London pubs to Paris salons, from broker ski trips to smoky late-night bars in London, Houston or Singapore, trading was always social. Deals were made with a simple word: “done.” Reputations were everything. Traders lived their positions. Despite all the technological changes—such as electronic platforms, algorithms and AI—the essential truth remains: trading runs on trust. Trust in prices, trust in process and above all, trust in people. The deals that matter are still made by individuals, not just systems. And that trust is hard-won but easily lost. Over the last 50 years, oil trading has evolved from rough-and-tumble to a refined, but never boring business. It remains a unique profession: blending finance, logistics, politics and personal relationships. As long as oil flows, traders will be there, following the path of least resistance and greatest reward. Trading is the least-well known, best remunerated, most influential business on the globe. This podcast is dedicated to them.