About

The global oil market is the largest source of energy in the global energy consumption and is a core fuel that will be acting as the 'Transition Energy for the Energy Transition'. Oil is one of the biggest areas that need and require change in the next years but data on it remains scarce and forecasting is not widely and accurately available. Data and data transparency on oil is much needed by all the various stakeholders involved in the energy transition. Energy Market operates in real-time but current data is lagging by up to 3 months. Also, current analysis methods are time consuming, prone to human error, and do not operate around the clock. Finally, deep sector expertise and advanced analytical capabilities are required to meaningfully and timely process vast oil market data.

Solution & Product

A big part of our work is to combine conventional oil statistics with real-time data from satellites and marine intelligence to deliver a digital twin of the global supply chain and an accurate measurement of the global oil market. Our web-based platform creates the most comprehensive and coherent visualization of the global crude oil & refined product market. We consume and interpret satellite data with AI technology to bring advanced oil analytics, 24 hours 7 days a week. In addition, our data driver research offering provides oil traders and analysts with indispensable market analysis. Finally, our team of industry leading Oil Analysts and Senior Data Scientists provide a bespoke service that combines the best from both disciplines, helping our clients solve their most critical business challenges.

Innovation & Scalability

We combine conventional oil statistics with real-time data from satellites and marine intelligence. We then use AI to fuse the different data sources into one single source of truth to deliver a digital twin of the global supply chain and an accurate measurement of the global oil market. This gives an updated picture of the oil market fundamentals (global supply – demand balance). In this way, we have a view on the global oil market and understand what each country will produce or consume during the current month (we call that Nowcasting). In summary, our algorithms fuse cleaned-up oil market data with up-to-date satellite data, to create exclusive market insights. The platform automatically updates the information for any country daily (24/7) and therefore allows users to make better-informed and faster decisions with greater confidence. It is orders of magnitude faster and more accurate than currently used manual methods. To achieve this, we use AI algorithms and concepts from meteorology (Nowcasting) adjusted to the oil industry. No other competitor applies a holistic approach to solve in a digital product the global supply – demand balance for crude oil and refined products

Traction & achievements

OilX incorporated in November 2018 with three offices in Athens, London and Vienna. In 2018 OilX started to get backed by the European Space Agency with an R&D grant. Since inception, OilX gets cited in leading media like the Financial Times, Bloomberg, Reuters and Forbes. OilX did add clients at a rapid pace in 2020 and received multiple awards for the OilX Platform in 2020.

Team & Why Us

The global energy data market is booming and according to a study from BCG the global commodity trading value chain has $70bn in trading value. OilX taps into exactly that market. Our OilX growth strategy consists of 3 phases: from data analytics -> data platform -> marketplace. Our product is ready and our biggest barrier for growth is to scale up globally with a sales presence in Asia, Middle East and Americas (operational complexity and cost of setting up office branches around the world). Our leadership team combines Oil experience with data science and a passion for technology. At OilX we join from some of the leading organizations and academic institutions. E.g. the CEO and Co-Founder has a 15 years’ experience at Shell, Citigroup and an NY Hedge Fund, the VP of Product has a 8 years' experiance at Accenture, Head of Data Science from Colgate, Sales Director from S&P Platts and Enverus and the Oil Economist from the Mexican Central Bank.

Funding Needs

We will be looking to fundraise to accelerate our global growth and augment our commercial and implementation teams in the next 12 months