The Abu Dhabi National Oil Company (ADNOC) announced the official launch of its second trading arm ADNOC Global Trading (AGT), a joint venture (JV) between ADNOC, Eni and OMV, with shares of 65%, 20% and 15% respectively, which focuses on trading refined products globally.

Kuwait’s Burgan Company for Well Drilling, Trading, and Maintenance has reported an 84.6% year-on-year (YoY) profit decline during Q2 of fiscal year (FY) 2019/20.

Top oil firms Royal Dutch Shell and Total are bringing their refining and trading operations closer together, seeking alternative ways to drive profits as oil prices fall and independent trading houses expand into their territory.

BP Plc, Europe’s second-biggest oil company, reported first-quarter profit that beat analysts’ estimates as earnings from refining and trading offset lower crude prices.