Crude oil

178 million tonnes of crude oil sales in 2017
Crude oil is a natural fossil fuel which, once refined, is used to create most of the energy sources used industrially and domestically, from gasoline and diesel to power vehicles, to jet fuel for aircraft and fuel for ships. It is also used widely in the production of chemical products such as pharmaceuticals, solvents, fertilisers, pesticides and plastics.

In 2019, we sold 204 million tonnes of crude oil. We trade or ship around 4.1 million barrels of crude oil every day.

Our crude trading business has long-standing relationships with producers and refiners in every part of the world. We help the former to effectively market and distribute their daily production, and the latter to secure a reliable and consistent supply of the right quality crude at the right time.

We are transacting in over 100 different grades of crude oil in locations spread around the globe. We are active in all major centres where crude is produced, refined and traded, enabling our customers to benefit from critical intelligence and access to the most appropriate market. As a physical trader, we can deliver crude anywhere our customers require. We are one of the world’s largest spot charterers of crude vessels and have a dedicated fleet of crude vessels of various sizes as well as access to storage on land around the world.

Partnering with producers

Our market-leading team combines specialist knowledge with global expertise. Over many years we have established long-term relationships with national oil companies, oil majors and independent producers. We use our expertise in managing transportation via pipeline, barge, train, truck and all sizes of vessel to efficiently and reliably transport crude to refiners worldwide.

When appropriate, our traders work alongside our finance and E&P teams to develop commercial structures which allow us to finance producers’ operations in return for offtake.

Working with refiners

Today, we supply over 3.8 million barrels per day of crude oil and feedstocks to the refining industry globally. We take the time to understand the specific requirements and preferences of refiners worldwide and have a long track record of consistently and reliably sourcing the right feedstock to meet our customers’ needs at the right time.

We currently have an ownership stake in six refineries worldwide with a total refining capacity of 480,000 barrels per day.

The Americas

With a Pan-American presence, we are involved in all major markets from Canada to Latin America.

Across the continent, we have access to proprietary and leased energy infrastructure, from tanks to railcars and pipelines, which enables us to source and transport crudes to market from production locations to major market hubs.

The growth in domestic US oil production has significantly impacted US crude oil markets in recent times. Our team has been at the forefront of these changes, anticipating the evolution of flows and supporting the market’s development. This enabled us to be the first to export crude from the US after the lifting of the US export ban.

Europe & the Atlantic Basin

Atlantic Basin crude flows have been particularly affected by the rise in US production which has displaced crude from West Africa and Latin America. We have led in finding new markets for the displaced crude in locations around the world.

We have a highly experienced Atlantic Basin team which works across Africa, the Mediterranean and the North Sea.


In the Baltic, we are among the largest exporters of Urals crude and a major trader of North Sea crude, supplying refineries across North West Europe.


We have a long history of working with governments and national oil companies and are active across the African continent from Egypt to South Africa, with a particular focus on parts of West

Africa. West African crude is a global arbitrage barrel which we transport to multiple markets in both the Eastern and Southern hemisphere.


Our activities in the Eastern hemisphere are broad, from shipping sour crude in the Arabian Gulf to delivering sweet crude to our refinery in Australia, and delivering Russian crude to various customers in North Asia.

Global oil product demand

11% LPG
26% Gasoline
7% Naptha
6% Jet fuel
1% Kerosene
9% Fuel oil
29% Gasoil
6% Other products

What is in a barrel of Crude Oil?

2% LPG
28% Naptha
7% Jet/Kerosene
24% Gasoil
39% Fuel Oil

    2% LPG

    Used for:

    • Heating & cooking

    28% Naptha

    Used for:

    • Petrochemicals
    • Cars
    • Phones
    • Clothes
    • Toys
    • Blending into gasoline

    7% Jet/Kerosene

    Used for:

    • Heating & lighting
    • Aeroplanes

    24% Gasoil

    Used for:

    • Diesel for transport
    • Power generation
    • Industrial use

    39% Fuel Oil

    Used for:

    • Ships bunkers
    • Power generation
    • Bitumen for roads
    • Further processing into diesel and gasoline components
    View all crude oil news

    Global oil movement

    The mismatch in many regions between demand and supply generates the need to move crude oil and oil products inter-regionally creating trading opportunities around the world.