OilX’s ability to use satellite data, AI, and maritime intelligence gives users a digital view of the oil market’s supply-demand dynamics
SANTA CLARA, Calif., Oct. 7, 2020 /PRNewswire/ — Based on its recent analysis of the global oil & gas data intelligence market, Frost & Sullivan recognizes OilX with the 2020 Global Product Leadership Award. Backed by the European Space Agency (ESA), OilX uses global satellite data to map the flow of oil and employs machine learning to provide actionable insights to commodity markets, making it the world’s first digital oil analyst. Its solution portfolio includes oil-related data, oil analytics, cargo tracking, real-time supply-demand balances, automated data collection, and visibility over the entire oil supply chain, making it the data partner of choice among traders, government agencies, and investment banks.
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“Built on a data science framework and using AI technology, OilX’s solution enables oil traders, and analysts to make informed decisions with real-time actionable insights,” said Avinash Kumar Industry Analyst. “Its proprietary oil trading analytics monitor (OTAM) creates a digital twin of the oil supply chain, from oil fields to pipelines to refineries, and brings transparency to this market. OTAM combines the data from Sentinel Synthetic Aperture Radar (SAR) and optical data to monitor floating-roof tanks, with an Earth-observation data and automation identification system tracking oil supplies’ movement. This provides users with a holistic, near real-time picture of the oil supply chain.”
The current tracking inventories system usually has a lag of one to two months, increasing the dependence on historical data to estimate supply-demand dynamics and leading to inaccuracies in projections. Besides, they only track the level of oil tank storage, whereas OilX, with its proprietary and unique methodology using satellite technology, monitors the American Petroleum Institute (API) gravity, sulfur content, and storage levels of crude refiners to predict supply-demand disruptions. In addition, OilX works with oil traders on their digital transformation journey. In its role as a strategic data partner, it provides refiners with a database to build digital initiatives.
Almost two years since its establishment, OilX has successfully secured a seed funding of $2.2 million from Citigroup and GS Caltex and is expected to use this investment to expand its data engineering capabilities and product portfolio, from crude oil to refined products. It has aggressively expanded its growth potential by partnering and integrating with key technology and market companies to extend its solution offering. For instance, it recently integrated IIR Energy’s data into its refinery analytics package on the platform and leveraged the shipping technology through its joint venture with The Signal Group.
“OilX provides a high level of data granularity, which enables refiners to monitor the yield at the local, regional, and global levels,” noted Kumar. “The level of data provided by OilX allows oil traders, analysts, producers, and end users to track real-time inventories of global refineries and identify any underlying buying patterns, thus driving commercial assessment and improving the business value for customers.”
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid market acceptance. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
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Established in 2018, OilX combines the latest in advanced data science frameworks with extensive oil analytics knowledge to create the first real-time supply-demand balance tool. Headquartered in London, OilX has more than 15 years of oil analytics experience across oil majors, investment banks and hedge funds at the highest level.
For more information, go to www.oilx.co | LinkedIn: http://www.linkedin.com/company/oilx | Twitter: @OilXs