Yesterday, 17 January, marked the launch of a world-first technology platform which aims to transform the oil trading industry through the application of artificial intelligence – OilX. Established in 2018, OilX is a new cargo and flow tracking platform which provides users with a real-time view of the supply-demand balance globally. A joint venture between the well-established maritime services organisation The Signal Group and OilX, the platform aims to provide real-time and accurate oil analytics to empower traders and analysts to make better commercial decisions. In contrast with current, resource-heavy oil analysis which is based on disparate and historical data, OilX aims to revolutionise oil analytics by harnessing artificial intelligence to provide companies with a more accurate and timely view of market fluctuations – ultimately allowing companies to do much more in far less time.
“There is a significant amount of resource currently devoted to oil analytics. However, the flow, timeliness and speed of delivery of information falls far below what is needed for impactful commercial decision making,” commented Florian Thaler, oil strategist and CEO of OilX. “The goal of OilX is to reduce inefficient and resource-heavy analytics work, in order for companies to focus on value-added tasks. By providing a more accurate, real-time view of the market, powered by state-of-the art artificial intelligence and an intimate knowledge of the oil ecosystem, traders will be able to more effectively navigate a complex universe, and ultimately drive performance.”
“We are proud of our partnership with Florian and the OilX Platform,” commented Ioannis Martinos, CEO of The Signal Group. “Florian’s deep industry knowledge and experience, combined with The Signal Group’s investment in advanced technology, has formed a powerful combination. Careful development over the last 15 months has brought us to the stage now where we feel confident OilX will provide a unique edge to traders and analysts within the industry.”
Read the article online at: https://www.worldpipelines.com/product-news/18012019/harnessing-ai-to-transform-oil-trading-analytics/