The thing is, there are many persons/companies who claim they have the ability to sell/buy fuel oil . And there are more and more dodgy companies/persons coming out into this fuel market! Most said they have direct contact with refiners. With the distance problem, it makes it even harder to proof or verify if they are really what they are! How do you proof if the documents provided are real or fake?? And there isn't any proper authority who we can verify if these fuel sellers / buyer are registered. We are not talking about a few thousands USD dollars, we are talking 10 or 20 thousands USD or even more!
Skype : sara.mazen49
Answer Hi and Good day
I dont know much about fuel oil trading guidelines. But from whatever I know, there are traders licenses and registration of global trading agencies across the world. In other words, the trading of fuel oils itself is governed by different agencies like Federal trade commissions, national petroleum or fuel/oil authorities in different countries. There is still a lack of transparency in this fuel oil trading business and there is work going on to bring in transparent pricing and terms information, which should take some time to settle down
Otherwise, like what you mentioned, the 100 thousand dollar trading is not a large volume in fuel oil and is actually a small time trade. Therefore there is an element of risk, and you may try to get some kind of bank involved for the transaction like underwriting or LC or something similar; also look at third party insurers/ underwriters who will help the transaction and charge a fee for the service and so on.
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