Looking back: oil market's future is different from its past
By 1994, the oil industry had changed irrevocably due to the increased use of derivatives – a trend that was discussed by Edward Krapels in an article for Energy Risk in June that year
Oil was once an internationally regulated utility run by the major oil companies and their home governments. The global industry consisted of a core group of vertically integrated oil majors, a large number of ‘national champion' state-owned oil companies and some independents. There were practically no trading companies, and their role was marginal. As for oil careers, they were much more like civil service jobs than they are today – any senior executive at a major oil company could count on
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