Global commodity trader Vitol increased turnover, traded more oil, in 2025

LONDON: Global commodities trading house Vitol increased revenues and traded more oil in 2025 compared with 2024, it said on Tuesday. It also said it had entered 2026 “well-placed to deal with market volatility and dislocations that are an inevitable consequence of the events in the Middle East”. The US-Israeli war on Iran has severely disrupted energy trade, while sending energy prices sharply higher.

Vitol, the world’s largest independent oil trader, registered turnover of USD343 billion last year, the firm said, up 3.6 percent from its 2024 figure. Turnover rose last year after an 18 percent drop to USD331 billion in 2024.

Rival trading house Trafigura’s group revenue fell by 1.2 percent on the year in 2025 to USD240.3 billion while its net profit fell around 3 percent to USD2.7 billion. Comparisons are difficult, however, as privately-held Vitol does not disclose net profit in its financial results. Its 2024 net profit was USD8 billion to USD8.5 billion, sources familiar with the matter told Reuters.

Last year, commodity markets already faced heightened volatility after US President Donald Trump’s second term led to geopolitical and trade tensions.

Vitol moved more oil and energy products in 2025, delivering an average of 8 million barrels per day of crude oil and refined fuels, up from 7.2 million bpd in 2024.

Overall, it delivered 605 million metric tons of oil equivalent in energy products, up from 540 million tons in 2024.

Vitol’s oil refining capacity also rose to 1.2 million bpd last year, up from 850,000 bpd in 2024, the company said. Varo Energy, co-owned by Vitol and private equity company Carlyle, completed the acquisition of Swedish refiner Preem last year. Vitol has continued to expand its liquefied natural gas (LNG) portfolio into 2026, announcing on Monday it had signed a five-year deal to purchase 1.5 million tons per year of LNG from Venture Global.