Vitol has generated a net profit of $13 billion in 2023, a slight decline from the record-breaking $15 billion net profit the Swiss-based trader achieved in 2022, according to Reuters.

In 2023, the firm’s revenue fell to $400 billion, indicating a decline of over 20% from the previous year, due to weak oil and gas prices, following the price surges observed in 2022 amidst Western sanctions imposed on Russia.

Vitol said in March that it saw a tight global oil products market as the Red Sea crisis and the rerouting of Russian products had caused record volumes of oil products to be held on tankers at sea.

Rival commodities trader Trafigura posted a record net profit of about $7.4 billion for 2023, up 5% from a year earlier.