June 11, 2026 [Reuters]- Energy trader Vitol achieved a net profit of around $4.5 billion in 2025, two sources familiar ​with the results told Reuters, a sharp drop from its ‌stellar earnings of 2022-2024 but still the fourth-highest annual result for the company on record.

Privately held Vitol does not issue full financial results, but in March it said ​its revenue grew 3.6% to $343 billion last year and it traded 11% ​more oil and energy products than in 2024.

Annual earnings for ⁠the world’s largest energy trader typically stood between $1 billion and $4 billion before ​Russia’s invasion of Ukraine created exceptional market volatility, pushing the firm’s earnings to $15 ​billion in 2022, $13 billion in 2023 and around $8 billion in 2024.

Earnings in 2025 were still higher than any year before 2022 and above 2021, when the group made ​around $4 billion. That means Vitol made around $45 billion in total in the ​last five years.

Vitol declined to comment.

Most commodity trading firms, which typically thrive on volatility, described ‌2025 ⁠as a calmer and more challenging year, with rival Trafigura reporting profit of $2.7 billion for the financial year through September 2025, Mercuria posting income of $1.43 billion and Gunvor just $104 million.

The earnings of such trading companies are in focus again this year ​as the U.S.-Israeli war ​on Iran tests ⁠their expertise in supplying global markets in times of stress.

Trafigura earned $4.1 billion between October and March, offering a first glimpse ​of a major trading house’s results for a period ​since the ⁠start of the Iran conflict on February 28.

Vitol Chief Financial Officer Jay Ng said in April the group’s earnings were on a good trajectory for the ⁠first ​months of 2026. The company has put ​its record earnings towards investments in new assets and markets as well as paying out dividends.