Maritime experts Signal Group and OilX have launched a technology platform aimed at transforming the oil trading industry through the use of artificial intelligence
Established in 2018, OilX is a new cargo and flow tracking platform that provides users with a real-time view of the global supply-demand balance.
It also aims to provide real-time and accurate oil analytics to empower traders and analysts to make better business decisions.
In contrast to current resource-heavy oil analysis based on disparate and historical data, OilX aims to revolutionise oil analytics by using artificial intelligence to provide companies with a more accurate and timely view of market fluctuations–ultimately allowing companies to do much more in much less time.
Florian Thaler, oil strategist and CEO of OilX, said, “There is a significant amount of resource currently devoted to oil analytics. However, the flow, timeliness and speed of delivery of information fall far below what is needed for impactful commercial decision making.”
“The goal of OilX is to reduce inefficient and resource-heavy analytics work, in order for companies to focus on value-added tasks. By providing a more accurate, real-time view of the market, powered by state-of-the-art artificial intelligence and intimate knowledge of the oil ecosystem, traders will be able to more effectively navigate a complex universe, and ultimately drive performance,” he added.
Ioannis Martinos, CEO of the Signal Group, commented, “We are proud of our partnership with Florian and the OilX Platform.”
“Thaler’s deep industry knowledge and experience, combined with the Signal group’s investment in advanced technology, has formed a powerful combination. Careful development over the last 15 months has brought us to the stage now where we feel confident OilX will provide a unique edge to traders and analysts within the industry,” he concluded.