Eni Considers Return to Oil Trading as Rivals Reap Billions

Italy’s Eni is considering reopening its oil-trading business as it misses out on the profits that its fellow European supermajors are generating from selling the commodities they produce, the company’s chief executive told the Financial Times. “I stopped trading in 2019, but the other big companies are all traders,” Claudio Descalzi told the publication in an interview. “BP, Shell, Total are big traders, and they make billions from that.” Indeed, trading has been especially profitable for the other supermajors,…