February 24, 2012 [OPIS] - Leading global energy trader Vitol announced revenues for 2011 hit $297billion, up 44% from $206 billion in 2010, bolstered by bigger volumes and higher crude prices.
The group’s total traded volumes rose to 457 million metric tons (mt) in2011, compared with 399 million mt in 2010.
Political uncertainty from the Arab Spring and lost crude supply from Libyahelped drive average dated Brent prices to $111.26//bbl in 2011, up from$79.50/bbl the previous year.
Crude oil trading remains the group’s key trading portfolio, with 135 million mt of crude traded in 2011. Petroleum product businesses, power, natural gas, carbon and coal were also traded in substantial volumes.
The group is also investing in midstream and downstream opportunities suchas marketing fuels and lubricants in conjunction with Shell in Africa, andVitol Aviation is entering the direct airline sales market at London Heathrowin October 2011.
Ian Taylor, president and chief executive of the Vitol Group, said economic uncertainty made it difficult to predict demand and supply for 2012. “Should global oil demand growth remain positive, driven by the economies in Asia, the Middle East and South America, and OPEC and non OPEC deliver the expected additional supply, then we would expect oil prices to remain around current levels for the balance of 2012.”
He added, “Geopolitical risk, especially in the Middle East, creates potential material risk to the upside.”
