Vitol, the world’s largest independent commodity trader, earned profits far in excess of its rivals for the second year running, consolidating its position as one of the most powerful players in global energy markets.
The privately owned group, whose chief executive is based in London, made $13bn of net profit in 2023, according to people with knowledge of the company’s results.
Although down from the record $15.1bn Vitol made in 2022, the net profit figure is more than three times higher than the $4bn it reported in 2021, illustrating how much Vitol has benefited from disruption to energy markets in the past two years.
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