OilX platform harnesses artificial intelligence to transform oil trading analytics

Today marks 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.