A small handful of giant commodity traders have dominated global oil trade for decades, but things are beginning to change. Smaller trading desks are beginning to make major moves, especially with Russian oil.
together handled about 1.4 million barrels a day of Russian crude oil. That’s more oil than what the commodity giants typically handled before the war in Ukraine, and enough to meet the entire needs of countries such as the UK and Italy.
Even more perplexing is the fact that Nord Axis, QR Trading DMCC and Bellatrix Energy Ltd were unknown entities before the west abandoned the Russian energy markets. Bloomberg has established that Bellatrix received loan facilities from Russian banks including Rosneft-owned though calls or emails to these traders, their banks and Russian oil producers have gone unanswered.
Last year, against all odds, Russia managed to grow its oil output despite being hit with tough sanctions, a plethora of oilfield service companies exiting the country as well as the refusal by western countries to buy its crude for the most part. Russia managed to pull off this feat mainly by offering huge discounts to buyers like China and India, with
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