Oil trading giant Vitol posts record profit of US$4.2B

Vitol Group, the world’s largest independent oil trading company, posted a record profit of US$4.2 billion last year as it benefited from soaring energy prices.

Those earnings allowed it to hand a record US$3 billion to its executives and senior staff through share buybacks during the course of the year, according to the company’s audited annual accounts, seen by Bloomberg News. 

Big energy traders like Vitol are enjoying the most profitable period in history, as skyrocketing prices and disruptions caused by Russia’s invasion of Ukraine provide a panoply of opportunities to make money. Rivals including Trafigura Group and Glencore Plc have also reported record trading profits.