Crude Oil
Global Oil Trader, Vitol Group Records $3 Billion Profit Despite COVID-19
Leading global oil trader, Vitol Group, record a strong profit of N3 billion for the 2020 financial year, according to Bloomberg’s report.
The world’s largest independent oil trader hasn’t disclosed its 2020 financial statements but the report quoted people familiar with the matter. Therefore, the final results may change.
The strong results are an indication of the strong bonanza traders enjoyed in 2020 when crude oil plunged to a record low during the peak of Covid-19.
Vitol is expected to report about $3 billion in 2020, a jump from $2.3 billion posted in 2019.