Paul Newman

What's the most important development you've seen?

The arrival of price transparency in OTC energy markets nearly 20 years ago. Although oil and products had been traded since time began, price transparency really only happened from around 1990. In part, transparency was driven by the second oil price shock in 1979, which led the dominant 'Seven Sisters' oil majors to avoid long-term fixed-price contracts, and the spot market was born.

What has surprised you the most?

As we deal in prices, I was

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