Exxon eyes setting up a trading division: Financial Times

Exxon executives are looking at starting up a trading division that would buy and sell other producers’ crude and refined products as well as its own. Reuters photo by Lucas Jackson.

Exxon looks to counter oil prices slide

Oct 27 (Reuters) – Exxon Mobil Corp is weighing building a full-scale trading division as it looks to counter a more than two-year rout in oil prices, the Financial Times reported on Thursday, citing people familiar with the matter.

The downturn in oil prices is prompting some Exxon executives to consider the case for establishing a trading division that buys and sells other producers’ crude and refined products, as well as its own, the FT reported.

Exxon, the world’s largest publicly traded oil producer, is expected to report its third quarter results on Friday.

The company was not immediately available for comment.

(Reporting by Ismail Shakil in Bengaluru; Editing by Shounak Dasgupta)