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Every day, energy merchants collect and scrutinise whatever information they can find on fuel demand to get a trading edge: from satellite data tracking oil tankers worldwide to thermal images from cameras on pipelines and storage tanks.
Oil majors including Statoil, Shell and Chevron are experimenting with various technologies, from drones and drill design to data management, to drive down costs and weather a deep downturn.
At BP's massive Thunder Horse oil platform in the US Gulf of Mexico, a dog-sized robot called Maggie uses magnetic tracks to creep along pipes connecting the giant oil facility to the sea floor.
As European and American markets open on Aug 5, oil traders face a new era with Yahoo Messenger, the main tool used by traders to communicate since the late 1990s, shutting down.
Some of the world's biggest oil companies, including Saudi Aramco and Royal Dutch Shell, pledged to invest US$1bil (RM4.21bil) to develop climate-friendly technologies as a global deal to wean the world off oil came into force.
For the oil industry, Yahoo Inc's decision this week to sell its core business to Verizon Communications Inc for US$4.8bil (RM19.44bil) does not matter all that much.
Oil traders keep a low profile. So when one of the most widely followed oil traders on Twitter abruptly closed his account last week, the outpouring of dismay among his thousands of followers was rare for the secretive multi-trillion-dollar industry.
The world’s biggest crude exporter is future-proofing itself against oil’s decline by investing in futuristic technologies.
Venezuela's cryptocurrency will launch within days and be backed by 5.3 billion barrels of oil worth US$267bil (RMtril), in a bid to offset a deep financial crisis, the socialist government said.