詹晓晶 编译自 今日油价网站
World’s Largest Oil Trader Sees Profits Plunge 70%
The world’s largest independent oil trader, privately-held Vitol, saw its net profit collapse by 70 percent in the first quarter of 2020, as the coronavirus pandemic and the plunging oil demand and prices took its toll Vitol’s net profit for Q1 was just US$180 million, according to the figures seen by FT. To compare, in the first quarter of 2019, Vitol – which trades more than 7 million barrels of crude oil and products every day – booked a net income of as much as US$600 million.
According to industry insiders briefed by FT, Vitol started this year holding a large oil inventory, expecting that global oil demand would be stronger than last year’s.
By the end of March, Vitol was already predicting a plunge in oil demand by 20 million barrels per day for the weeks ahead.
After the oil price crash, Vitol has reportedly done better after Q1 ended, benefiting from booking very large crude carriers (VLCCs) in order to store oil at sea. Oil trading houses usually profit from a glut in oil markets, FT notes.
Vitol called the end of the worst period for the oil market in early May, with chief executive Russell Hardy telling Reuters that “It’s a bit easier to see the future, so the market is more able to make an educated guess about what that supply/demand balance looks like. ”