Latest News

Energy trader Vitol's 2023 profits falls more than 20%.

International energy trader Vitol stated on Tuesday its 2023 revenue fell to $400. billion, a drop of more than 20% from a year previously.

Vitol, the world's largest independent oil trader and a. significant gamer in the melted natural gas and power markets,. does not reveal net profit however the Swiss trader made a record. $ 15 billion in 2022, according to a non-public balance sheet. seen .

The trading home capitalized rate spikes in global. commodity and energy markets in 2022 after western powers. imposed sweeping sanctions on Russia over its invasion of. Ukraine.

The geopolitical turmoil which characterised 2022. continued in 2023, CEO Russell Hardy stated in a declaration on. Tuesday.

On the other hand, volatility throughout energy markets diminished. and rates pulled away from earlier peaks as physical market. participants reorganized trade streams worldwide.

Crude oil and item volumes fell 1.6% to 7.3 million. barrels per day (bpd) with a 10% decrease in crude volumes,. partly offset by increases in gas and gasoil volumes, the. firm said in a statement.

This year the business anticipates fine-tuned item need. will increase by 1.5 million bpd, it added.

(source: Reuters)