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So you think that OPEC controls the price of oil and that the glut is hurting everybody in the oil business? Wrong. Traders on the international spot market are pulling the strings and getting rich in the process.
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Breakingviews 6 Min Read LONDON (Reuters Breakingviews) - Javier Blas and Jack Farchy should be awaiting the call from Hollywood. “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources” contains at least half a dozen narrative threads that would form the basis of a good thriller. But the authors’ main achievement is to subject the biggest commodity players, and their impact on the real world, to proper critical scrutiny. An oil tanker is seen at Jose refinery cargo terminal in Venezuela. It has become a cliché to describe Glencore, Vitol, Cargill and the h...