Matthieu Favas
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- The Economist8 min
Why European oil companies are doing better than America's | The Economist
European energy giants BP, Shell, and Total currently generate trading profits estimated at $15–20 billion by leveraging global logistical networks to execute volumes five to ten times higher than their actual production. While American majors like ExxonMobil and state-owned entities such as Saudi Aramco aggressively recruit talent to close this gap, they face a multi-year deficit in refining the agile, high-efficiency operations that have allowed European firms to capture roughly one-fifth of their total earnings. This competitive landscape is driven by Europe's historical necessity to develop independent trading capabilities, contrasting with the US focus on domestic resource exploitation that initially stifled their market agility.