The Strategist

Vitol cuts oil and oil products supplies by 2.5 times in 2023

03/27/2024 - 10:22

International trader Vitol reduced its supply of oil and oil products by 2.5 times in 2023, from 7.4 million barrels per day to 3 million barrels per day.

546 million tons of oil equivalent were delivered overall, an increase of 4% over 2022. Increased deliveries of LNG and natural gas were the main cause of the increase.

Due to decreased oil prices, Vitol's revenue decreased by over 21% to $400 billion in the previous year.

"In 2023, the geopolitical unrest that marked 2022 persisted. On the other hand, as market players reorganized global trade flows, energy market volatility decreased and prices fell from their peak," the company stated in a statement.

Vitol also noted how oil demand last year eventually returned to levels prior to the outbreak.

"We have made revisions to our long-term projections, delaying the peak of oil consumption to the early 2030s by a number of years… The adoption rate of electric vehicles has slowed and that oil demand in certain emerging markets may be higher than expected."


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