Vital achieved record profits in 2020 as the shifts in the global fuel market ushered in an uptick for the world’s largest independent oil trader.
Despite being blinded by the sharp fall in crude at the beginning of the epidemic, the group earned $ 5 billion in 2020 and a total of $ 3 billion in free income, according to figures from privately run companies that industry figures shared with the Financial Times.
It rose to আ 2.2 billion in net income in 2012, a near-record year for the group.
These figures are the latest evidence that traders were the biggest winners since last year’s oil recession, when the epidemic around the world 12 months ago caused crude prices to fall as a result of creating a demand-sapping lockdown.
Whittle, which declined to comment on the results, said separately on Tuesday that it sold an average of 7.1 million barrels of unrefined and refined goods a year last year, down from m m / d in 2016.
The group’s turnover, which is sharply affected by oil prices, was $ 140bn in 2020 compared to 5 5,225bn in 2019.
After the price of Brent crude dropped to ২০ 20 a barrel last April, commodity trading houses stood at a profit, as it presented an opportunity to buy cheaper barrels and gain access to storage through inactive tankers on land or at sea. Hold them until prices recover.
Whittle initially fought the early stages of the epidemic, after a bet on a larger position Recovery Oil prices have risen. Vital’s net income fell 70 percent in the first quarter, the Financial Times reported last year, and the Financial Times reported last year – a sharp decline from ০০ 00 million in the same period in 2019.
However, the latest figures show that the company’s business results have increased in the second quarter of 2020.
Whittle’s rivals, such as Trafigura, and the arms trade of Supermisers BP and the Royal Dutch Shell also had strong results in 2020. Trafigura posted in September of the year Total profit 2019 1.6bn in 2019, up from 7 867.8 million.
In a statement, along with its turnover and turnover figures, chief executive Russell Hardy agreed to price moves and displacements in the market that would boost their earnings for the year.
Hardy said, “The extraordinary market conditions in the early stages of lockdowns and sudden demand declines created huge logistical challenges and market opportunities.”
“As the stock produced one billion barrels at the beginning of the year, the industry had to manage unprecedented situations, restructuring the supply chain to handle crude oil and products that producers or consumers could not keep.”
Hardy added that while demand recovered, worldwide fell by about 9 percent last year, “recovery was much lower than expected and short-term uncertainty remained.”
The company said it was taking steps to restart its business, citing long-term concerns about rising oil demand.
It said it had committed more than $ 1 billion to “identify renewable projects”, although it indicated that the oil trade would remain a large part of its business for the next few years, even as it boosted the gas and electricity business.
Hardy said, “To change the energy we need to change the business.
“We continue to believe that the demand for oil will not rise for another decade, but we must still position our business for a low-emission world. . . We will continue to build our temporary and new energy supply and portfolio, serving our clients as they need it. “