Vitol Energy Group informed banks that its first quarter profit was approximately 2 billion USD, aiming to ease concerns about partial business losses caused by war.
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This figure is provided informally and for reference only; it may ultimately change following account adjustments. The Middle East conflict has disrupted global energy markets, causing oil prices to soar and obstructing transportation, with part of Vitol’s cargo trapped in the Persian Gulf. Its derivatives team suffered significant losses at the beginning of the war due to a misjudged direction, with some positions already closed or hedged, while other business lines posted considerable profits and strong liquidity. The ongoing war continues to trigger sharp price fluctuations, which may lead to substantial gains or losses in the future. Turmoil in the commodities market generally benefits traders. During the Russia-Ukraine conflict from 2022 to 2024, Vitol Group earned $37 billion over three years, making it the world’s most profitable trading company, processing daily oil volumes equivalent to the combined total of Germany, France, Spain, Italy, and the UK.
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