Follow the delivered margin A cargo can look profitable when it is booked and disappoint by the time the buyer accepts it. Freight changes, storage delays, financing costs and quality adjustments all affect the result. For oil, gas and petrochemical businesses considering BRICS trade, commercial discipline begins with a delivered-margin calculation. A benchmark price is only one part of the transaction. The product's specification, delivery terms and credit exposure can matter just as much to a distributor serving industrial customers. The IEA's Oil 2025 report examines oil markets amid changes in policy and trade conditions. IEA Oil 2025. Rather than adopt a single price prediction, this editorial considers how a smaller supplier can build an operating model that remains useful under different price outcomes. All numerical examples below are…