Fredriksen's oil trader Arcadia is said to scale back business

Norwegian billionaire John Fredriksen's oil trader Arcadia is in the midst of a significant reduction of its oil trading activities, and the trader is also cutting jobs. Sources say it is unclear whether Arcadia will remain in the crude market.

Arcadia Petroleum Ltd., the commodities house owned by shipping billionaire John Fredriksen, is dramatically scaling back in oil trading and cutting jobs, according to people familiar with the matter.

The trader, which operates from London, Houston, and Singapore, plans to reduce its presence in the crude market – the commodity where it started in 1988 – and refined petroleum products, the people said, asking not to be named because the information is private. 

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