13.Apr .2022 15:30

Top Oil Merchant Vitol Will Stop Trading Russian Crude

Top Oil Merchant Vitol Will Stop Trading Russian Crude
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The world’s largest independent oil trader Vitol Group intends to completely stop trading in oil and oil products from Russia by the end of the year, Bloomberg reports citing a letter from a company representative.

According to the statement, the volume of Russian oil handled by Vitol “will decrease significantly in the second quarter as current contractual obligations decrease.”

The company intends to cease trading in Russian crude oil and petroleum products before the end of the year, unless otherwise indicated.

“We expect this to be completed by the end of 2022,” the letter said.

The Swiss-Dutch company Vitol is one of the largest oil traders in the world. The scope of its activities also includes natural gas trading, transportation and storage of hydrocarbons, and electric power industry. The company was founded in 1966, CMIO reports.