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World's top oil trader Vitol smashed profit record in 2020 - Bloomberg News

World's top oil trader Vitol smashed profit record in 2020 - Bloomberg News

· 03/16/2021 15:15
World's top oil trader Vitol smashed profit record in 2020 - Bloomberg News

- Vitol Group earned a record profit of around $3 billion last year as the world's largest independent oil trader surfed the dramatic moves in energy markets, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The oil trader has not yet closed its 2020 accounts and the final profit figure may still change, the report said.

Vitol may also use some of last year's earnings for write-downs, reducing the final net income figure, according to the report.

The trading house's previous record profit was $2.3 billion, which it recorded in both 2009 and 2019, the report said.

Vitol did not immediately respond to a Reuters request for comment.


(Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni)

((Arunima.Kumar@thomsonreuters.com;))