World's Top Oil Trader Earns $13 Billion in Another Strong Year

The world’s top independent oil trader, Vitol , booked a net profit of $13 billion for 2023, wrapping up a second consecutive year of very high net income following record 2022 earnings, the Financial Times reported on Monday, quoting sources familiar with the privately-owned group’s results.

For 2023, the net profit came in at $13 billion, per FT’s sources, and although lower than in the record year for Big Oil earnings in 2022, the net income was still more than triple Vitol’s 2021 profit of $4 billion. To compare, Trafigura’s net profit jumped to about $7.4 billion for the year to September 30, 2023, up from $7 billion for the previous fiscal year, which was the then-record-high profit for the privately owned trading group.

Source: News Formal (newsformal.com)

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