Riddles, Mysteries and Enigmas: Gunvor  

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[s.n]

Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8783 (May 2012), page 60-63.
Topik: Commodity Markets; Crude Oil Prices; Price Fixing; International Trade; Commodities Trading; Petroleum Industry

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.71 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Few people outside Russia have ever heard of Gunvor--and Gunvor would probably prefer it that way. It is the world's fourth-biggest oil trader, and at its peak handled roughly a third of Russia's seaborne exports of crude oil. We suspect that Gunvor has been driving down the price of Russian oil. An investigation by The Economist into Gunvor's trading in Urals crude, a benchmark blend in north-west Europe, suggests that such a strategy could have helped the firm buy oil in Russia cheaply and, in theory, earn inflated profits when it sold the same oil on the international market at full price. Spot markets for oil are virtually unregulated so the law allows Gunvor considerable freedom of manoeuvre. Yet any fall in Russia's revenues could have harmed the country's citizens, who benefit from oil taxes. Moreover, the spot markets have become the subject of official concern. Nobody but Gunvor itself knows for sure whether it set out to move the Urals price, as we suspect. The firm is adamant that it has done nothing wrong. So we have no proven case. But we do have a set of suspicious circumstances.

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