Matthieu Favas

speaker

128 appearances 1 recordings 1 series first heard Jul 2026 last heard 2 Jul

Matthieu Favas’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Intelligence from The Economist · Roaring trades: oil majors’ secret success story · 2 Jul 2026 podcast

Something that shareholders will like a lot.

Trading profits alone explain why the Europeans have outperformed the American majors uh so far this year, since the crisis in particular, since February.

Why should that be?

Why aren't the American majors just as good at this secretive game?

It's largely a product of history and geology.

So the American majors, they've always had access to vast resources in the ground.

They have a lot of oil and gas.

They also have a vast domestic market that they can sell to.

So they can take advantage of both.

The Europeans they don't have that, neither of these things.

So what they've had to do pretty much since the formation is to go abroad and produce the barrels there and then distribute it to the global market, which worked

Fine until the nineteen seventies when there was a wave of nationalizations.

In the Gulf, in the Middle East, and they lost access to the soil.

So they had to go abroad and and buy bells from somewhere else.

So BP did it first.

essentially discovered that it could buy the barrels it didn't need and and resell them at a profit in the nineteen eighties.

And then in the nineteen nineties, Shell and Total did it then because oil prices were pretty low.

They needed to boost their returns and they thought that was a way maybe to diversify.

So that's a lot of the history

well?

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