The UK will try Glencore's former head of oil in 2027 on charges of bribery
In 2027, Glencore's former oil head Alex Beard will be tried in London on charges of bribery along with five other former employees of the Swiss commodity trading company. Beard was not asked to enter his plea during a short hearing on Wednesday at London's Southwark Crown Court.
Glencore's former head of oil is charged with bribery in a UK court
Alex Beard, former Glencore head of oil, appeared before a London court Tuesday to answer bribery allegations relating to Glencore's operations in Africa. Beard's lawyer told the London Westminster Magistrates' Court that he will plead guilty.
World's Top Traders Divided on Oil Outlook as Iran Sanctions Loom
The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.The range of views…
Where's the Money? Oil Traders Ask as Peak Demand Looms
Traders still see opportunities in oil trading as Mercuria bets on power markets in U.S., China. For major trading houses that ship millions of barrels of oil every day, the prospect of diminishing fuel demand and a shift to renewable power…
Glencore Sees Record Oil Trading Volumes as Margins Shrink
Glencore looks set to cement its position as the world's second-largest oil trader as it tries to offset low volatility and tight margins with record volumes this year, its global head of oil, Alex Beard, told Reuters. The London-listed…
Glencore to Start Importing Fuel for Mexico in February
Trading firm Glencore expects to start importing fuel for Mexico's domestic market in February 2018 through its own terminal in the southern state of Tabasco, the head of the firm's oil division, Alex Beard, said on Thursday. "As soon as…
Glencore Sells Assets to China’s HNA Group
The mining and commodities trading house run by billionaire Ivan Glasenberg, Glencore, has sold a 51 percent stake in its oil products storage business to China’s HNA Innovation Finance Group, the company said. The Transaction is subject…
Oil Traders Doubt OPEC Deal Will Bring Heavy Supply Cuts
OPEC's deal to cut oil production is unlikely to result in a substantial reduction in supplies, some of the world's biggest oil trading companies said this week, meaning the market is unlikely to rebalance until well into 2017. The price…
Trading Houses Predict Cautious Rise in Oil Prices
Oil prices have probably bottomed out and will rise from now on though the recovery will be slow due to a huge stocks overhang, some of the biggest oil trading executives said on Tuesday. "The downturn in oil markets is behind us ... The trend is now up ... But rebalancing will take time.
U.S. "oil trade king", BP's Porteous, to retire
One of the world's most powerful and best-paid oil traders, BP's head of crude Donald Porteous, will retire from the company in 2016 after what industry sources described as several years of bumper profits. Porteous, in his early 40s, is dubbed in the industry as "The King of Cushing"…
Oil Storage at Sea Stalls as Profit Play Fades
Traders are cutting plans to use tankers to store oil at sea as the price incentive recedes, the global head of oil at mining and commodities group Glencore's said on Tuesday. In January, the price of spot oil was around 50 percent lower than a peak hit in June…
Glencore: Crude Price May Keep Falling
Glencore's oil chief said on Wednesday there was a "good chance" of crude prices extending their 43 percent fall since June, as he did not expect many oil projects to be shut over the next 6-9 months. However, Alex Beard told the trading…
