Vitol, the world's largest independent oil trader and a major player in the liquefied natural gas and power markets, does not disclose net profit but the Swiss trader made a record $15 billion in 2022, according to a non-public balance sheet seen by Reuters.
The trading house cashed in on price 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 said in a statement on Tuesday.
"In contrast, volatility across energy markets subsided and prices retreated from earlier peaks as physical market participants restructured trade flows worldwide."
Crude oil and product volumes fell 1.6% to 7.3 million barrels per day (bpd) with a 10% decline in crude volumes, partly offset by increases in gasoline and gasoil volumes, the firm said in a statement.
This year the company anticipates refined product demand will increase by 1.5 million bpd, it added.
(Reporting by Ashitha Shivaprasad in Bengaluru and Natalie Grover in London; Editing by Kirsten Donovan and Sharon Singleton)
