Vitol Revenue Skyrocketed 80% In 2022

Swiss commodities trading giant Vitol has reported $500 billion in revenues for 2022, an 80% increase year-on-year, thanks largely to last year’s surging oil prices courtesy of Russia’s war on Ukraine and the Western sanctions response. In total, Vitol delivered 7.4 million barrels per day of crude and crude oil products in 2022, and while this was lower than 2021’s deliveries of 7.6 million bpd, prices still led to an 80% jump in revenues. As reported by Reuters, Vitol expects 2 million bpd demand growth for this year, banking…