Crude oil and petroleum products sellers, and their brokers and agents, who operate in the so-called “secondary market” of the international oil market today, do not usually speak about this or like to do so. Or like the fact about this to be known. Indeed, many of them would rather that it be kept obscured or simply misrepresented.
But, the fact is that one distinctive part of their business “reality” is this: as a group, they frequently close no deals nor make any sales for the oil product they purport to have available to sell, and, in fact, the vast majority of them often go for months, even years, or perhaps forever, without ever landing even a single sales contract or deal. It is probably what might be called “the open secret” of the oil-selling industry!
C. Keila Nakasaka, a California attorney and real estate investor and entrepreneur, who conducted extensive market research and investigations into the D2 diesel oil trade to see if he could prudently recommend taking up the commission broker’s job to his clients, says he came away from his research greatly disillusioned and disappointed.
According to him, the “stories that these brokers concoct are that the seller has some direct connection with a refinery. Some even claim that the seller is, in fact, one of the leading energy companies in Russia… [but] what bothered me [the most] is that almost every one of these brokers failed to be forthcoming. They often misrepresented themselves as mandates, direct representatives, and even buyer and sellers.”
Probably the principal and the most sensible thing about which most such sellers and intermediaries (the agents, facilitators, mandates, brokers, etc.) are least “forthcoming” and “misrepresenting” about is concerning the number and volume of sales deals they have ever closed, if any, or the income they have earned in the trade if any. Simply put, almost all of these operatives generally close no deals and earn almost nothing. Most of them go for months, even years – or forever – without successfully closing any sales deals, not to speak of earning even a dime in commission income!
As Nakasaka put it, describing his findings: “Another factor which I thought was odd was that most of the brokers I spoke with never closed a D2 deal despite their months and sometimes years in this business. One broker claimed that he had pending deals, and two stated that they did, in fact, close these deals. However, I did not find them credible. Why is this so – that they make no sales or income? Many factors account for it. They could roughly be summed up as follows:
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