FT: Oil trader Vitol’s profits hit record $15bn

The Financial Times (FT), citing its own sources, reports that the largest independent oil trader in the world, Vitol, has reported a $15 billion net profit for 2022. This amount is a record for the business and is equal to its cumulative profit over the preceding six years.

Iris Barker

Published on

March 30, 2023

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FT: Oil trader Vitol’s profits hit record $15bn © Daily Management Review

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The business earlier disclosed that its turnover would almost double from $279 billion in 2021 to $505 billion in 2022.

Due to a spike in prices following the start of the confict in Ukraine in February 2022, commodity companies earned enormous profits last year. Trafigura, Glencore, and Mercuria have all recently reported record numbers. But in terms of earnings, Vitol far outperformed its rivals.

Vitol refused to comment on the profit estimate from the FT. It is not required to formally disclose its financial results because it is a private company.

source: ft.com