ExxonMobil is creating a new business unit called Global Trading as part of a larger re-organization and cost-cutting strategy.  The oil giant plans to leverage its oil and gas expertise to establish an energy and derivatives trading unit.   In addition to the global trading business, Exxon is also creating a unit to house its financial services and procurement business. The moves are part of a restructuring and consolidation strategy spearheaded by CEO Darren Woods. The re-organization is expected to cut structural costs by $9B by the end of this year compared to 2019. This includes savings from the thousands of job cuts announced during the pandemic. Last month, ExxonMobil reported a record annual profit of $55.7B and said it planned to spend as much as $35B on share repurchases this year and in 2024.