Vitol posts $13bn profits in second consecutive year of bumper results

Vitol, the world’s largest independent commodity trader, earned profits far in excess of its rivals for the second year running, consolidating its position as one of the most powerful players in global energy markets. The privately owned group, whose chief executive is based in London, made $13bn of net profit in 2023, according to people with knowledge of the company’s results. Although down from the record $15.

Lower commodity prices meant turnover fell to $400bn from $505bn in 2022 but the total volume of energy products traded by Vitol increased by 4 per cent year-on-year, last month’s statement said. The growth was driven by gas and liquefied natural gas volumes, which grew by 19 per cent and 24 per cent respectively. The volume of oil and refined petroleum products that the group traded remained roughly flat at 7.3mn barrels per day. Vitol’s closest rival Trafigura made net profits of $7.

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