| By 1994, the oil industry had changed irrevocably due to the increased use of derivatives. Oil was once an internationally regulated utility run by the major oil companies and their home governments. The global industry consisted of a core group of vertically integrated oil majors, a large number of ‘national champion' state-owned oil companies and some independents.
There were practically no trading companies, and their role was marginal. As for oil careers, they were much more like civil service jobs than they are today – any senior executive at a major oil company could count on getting highly paid in a much more secure environment than today's...............................................Full Article: Source
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