“Largest Independent Oil Trader”
The global oil and natural gas sector is home to many iconic names which are in the driving seat of the global solid fuel resources. One of the most notable figures of the oil and natural gas sector is Vitol Group. Having been founded in 1966, it is over 50 years old and undoubtedly stands a good chance to go on for many years to come. It is an energy and commodities company which trades in oil and its associated products, delivering commodities to all parts of the world.
No doubt, the company sits at the very heart of the global energy sector and can be considered the largest independent oil trader of this age. Its revenue is by far the most celebrated revenue that any independent oil trader has ever registered. Even though the oil industry has been met with a series of hurdles ranging from the global crunch and the subsequent depreciation in oil prices, the country has still managed to remain in solid command of the oil trading industry.
“The Vitol Group”
Why Vitol Group Is The Largest Independent Oil Trader
The Vitol Group has not emerged as the most revered global oil trader for nothing. Rather, it has been able to assert its dominance over the industry following years of unparalleled oil trading services. With over 50 years of experience, the firm has been able to command a lot of reverence from all oil trading companies around the world. This experience has enabled the company to deliver services that are tailored to suit its business partners around the entire globe. The company has built multiple lasting relationships with its trading partners. This has enabled it to continue remain at the top of the industry despite having been surrounded by many fierce rivals. Some of the major reasons that can account for the company’s dominance over its contemporaries are highlighted below.
- Huge revenue – the company registers huge amounts of revenue. In 2016 alone, it recorded a whopping $152 billion in revenues. This is a figure that no independent oil trader can compete with.
- Number of crude oil and products that are traded on a daily basis – the company is able to trade over 7 million barrels of crude oil as well as products on a daily basis. This is an astounding sum and unrivalled by its contemporaries.
- Quantity of crude oil and products shipped annually – today, the company is able to ship over 350 million tonnes of crude oil and products to all parts of the world. There is barely any company that can match this.
- Number of ship voyages on an annual basis – annually, the company records over 6,800 ship voyages, with over 250 vessels available for transportation.
“Vitol Group Trades With Everyone”
Vitol Group Trades With Everyone
There is no sector which Vitol Group does not touch. It trades with a wide range of companies around the world, meeting their energy demands while minimising costs. The company’s customers span across all major sectors of the global economy. Here is a look at some of the most notable customers that the company deals with.
From the information presented above, it is very easy to deduce that Vitol Group is indeed the global leader in the oil trading industry. It has 40 offices which are spread across the entire globe. Today, the company’s largest operations are found in Singapore, London, Houston and Geneva.