Vitol Group, the world's top independent oil merchant, will stop trading Russian crude oil and products by the end of the year, a source says
The Dutch energy and commodities trading company will also not enter into any new Russian crude and product transactions, the source said. Vitol declined to comment beyond confirming the accuracy of an article published by Bloomberg, which reported the news earlier. Since Russia invaded Ukraine in February, the United States, United Kingdom, Canada and Australia have all announced bans on Russian oil.
"For now, there are no signs of increased volumes going to China."Vitol's revenues almost doubled last year to $279 billion as global demand for oil bounced back after economies reopened from their pandemic lockdowns. The company traded 7.6 million barrels of crude and other oil products a day last year, according to its website. That's more than Russia's daily exports of crude oil, which the IEA estimated at about 4.7 million barrels in 2021. Of that, about 2.