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The oil and gas industry is usually divided into three major sectors: upstream, midstream, and downstream. The downstream sector is the refining of petroleum crude oil and the processing and purifying of raw natural gas, [1] as well as the marketing and distribution of products derived from crude oil and natural gas.
This distribution channel involves more than one intermediary before the product gets into the hands of the consumer. The middleman, known as the agent, assists with the negotiation between the manufacturer and the seller. Agents come into play when the producers need to get their product into the market as quickly as possible.
A jobber, or petroleum marketer, is a person or company that purchases quantities of refined fuel from refining companies (e.g., BP, Shell, Exxon), either for sale to retailers (e.g., gasoline stations), or to sell directly to the users of those products (e.g., home heating oil to homeowners, lubricating oils to industrial operations or repair shops, jet fuel to FBOs, etc.).
Middlemen supplying Russian oil are not offering cargoes due to new U.S. sanctions targeting Russian producers, tankers and insurers, according to the finance chief at Indian refiner Bharat Petroleum.
The market anxiety ahead of Donald Trump's tariffs deadline focused Friday on oil and gas after the president acknowledged there could be issues including the energy staple in his overall plans.
The discovery at Oil Springs touched off an oil boom which brought hundreds of speculators and workers to the area. Canada's first gusher (flowing well) erupted on January 16, 1862, when local oil-man John Shaw struck oil at 158 feet (48 m). [18] For a week the oil gushed unchecked at levels reported as high as 3,000 barrels per day.
Western countries have bought billions of dollars worth of Russian oil from Turkish refiners, a study from CREA says. Russia is still passing $2 billion worth of its oil products to the West via ...
An intermediary, also known as a middleman or go-between, is defined differently by context. In law or diplomacy , an intermediary is a third party who offers intermediation services between two parties.