The Strategist

The world's largest oil traider to stop relations with Russia

04/13/2022 - 05:50

The world's largest independent oil trader Vitol Group intends to completely stop selling oil and petroleum products from Russia, the Bloomberg agency reports with reference to the company's representative.

According to the statement, the volume of Russian oil processed by Vitol, "will be significantly reduced in the second quarter as the current contractual obligations are falling down." The company intends to terminate the trade in Russian crude oil and petroleum products by the end of the year, if there are no other instructions.

"We expect it to be completed by the end of 2022," the message reads.

The Swiss-Netherlands company Vitol is one of the largest oil traders in the world. The sphere of its activity also includes trade in natural gas, transportation and storage of hydrocarbons, electric power industry. The company was founded in 1966.