Top Companies Using Bitcoin for Oil Trading

| Updated on October 6, 2023

Oil remains a leading energy source worldwide. Websites utilize artificial intelligence and perfect trading strategies to help newbie traders in their trading journey. However, the oil market is relatively volatile, and supply changes can cause significant price shifts. As a result, oil companies rely on banks and financial institutions to safely store their assets. Meanwhile, some magazines explain how trading crude oil with bitcoin works, and it is beneficial if you are planning to start oil trading.

Bitcoin has been gaining traction as a popular digital currency. Still, it has practical applications that make it an attractive investment tool: extreme price volatility, low transaction costs, and data security.  

Bitcoin provides the blockchain technology these companies use to create businesses that enable investors to participate in the global oil market without the need for banks. The use of Bitcoin by these businesses has generated a surge of interest among institutional investors looking at how they might use this cryptocurrency more efficiently than before.

Saudi Arabian Oil Co

Saudi Aramco is the world’s most important oil company and the only national petroleum company in Saudi Arabia. The NYSE is a stock exchange located in New York City. Its share price has increased 500% since 2017, and its value is over $2 trillion as of April 2018. As a result of its high standing, Saudi Aramco regularly lists top companies that are traded on other stock exchanges.

The main issue for Saudi Aramco is that it does not have an efficient model for transactions with large oil companies such as Chevron or Shell, which are involved in producing and trading petroleum products. That is why the company recently started to trade oil with the help of bitcoin. 


Petrochina is one of the largest state-owned enterprises in China and has over 6,000 oil and gas service projects in more than 30 countries. The company is a leader in oil and gas production and holds a strategic position among Chinese private enterprises in the field. Its annual revenue is more than $160 billion.

Petrochina began to trade oil with bitcoin in 2018 after its CEO said that Bitcoin’s low transaction costs are attractive to financial institutions. So far, Petrochina has also announced plans to acquire blockchain start-ups. 

Maersk Oil

Anyone wanting to buy or sell petroleum products through traditional channels must use banks, which charge high fees for processing ordinary transactions. Maersk Oil has started to trade oil with bitcoin to avoid these fees. The oil price has been actively traded in markets since 1864, and it is considered one of the most critical factors affecting the global supply and demand of crude oil.


In early March 2018, Trafigura announced that it would start using bitcoin to trade crude oil and other physical commodities on U.S futures exchanges. The company also said it is moving some assets held in U.S bank accounts over to a Royal Mint Gold (RMG) account using blockchain technology for security purposes. 

The Bitfury Group

The company provides blockchain solutions to many companies. Payment processor subjected to bitcoin provides access to the entire bitcoin blockchain and collects exchange data from different companies worldwide. As a result, it is one of the market’s most prominent mining and transaction processing companies. 


Rapidzpay is a New York-based crypto trading start-up that intends to operate within the commodities trading industry. It offers high liquidity, low transaction fees, and secure transactions encrypted with cryptocurrency technology for payments. In addition, the company offers rapid funds settlement, is transparent, and does not charge conversion fees or service charges on transactions using its network.


BP’s shares have been traded on the London Stock Exchange since 1977. The company’s annual revenue almost surpassed $200 billion, and it could slightly increase its capitalization during 2017 despite challenges in energy markets caused by OPEC countries.

BP operates in over 80 countries and has significant investments outside Europe, such as holdings with Russian Rosneft. This state-owned petroleum company produces around 3 million barrels of oil per day. The company recently started bitcoin trading using bitcoin to get impressed by its unique features as a payment method.  

The exchange of blockchain assets is a new way of trading oil and might be adopted by other major companies if bitcoin becomes more popular and market volatility subsides. The global oil market is currently valued at more than $300 billion. Suppose other companies follow the trend of these five corporations and start accepting bitcoin. 

In that case, they will be able to cut their costs on transactions with high fees or eliminate third-party mediators. Bitcoin transactions are now considered a better way of making payments in the oil world because it is much faster, secure, and cheaper than mainstream banking channels.

Joseph Williams


Related Posts