Oil major BP expects its trading operations to benefit from growing crude trade on the back of abundant US, Canadian and Brazilian production and rising energy demand in Asia, according to a top executive. Tufan Erginbilgic, the head of BP’s downstream division — which includes one of the world’s most powerful trading desks, said he wanted to expand BP’s trading activities using long-term deals on third-party oil and products. Shale oil production has turned the US into an exporter of crude and products, while Canada is developing its vast oil sands deposits and Brazil is developing huge offshore fields. "There will be more flows in the world because where crude production will increase is the US, Canada, Brazil, and refining will increase in Asia and the Middle East," Erginbilgic said in an interview. "We are not shy of optimising the opportunities in any of our businesses," he said when asked if BP planned to expand its trading operations as flows increased. BP, which employs abou...
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