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Top Oil Merchant Vitol Will Stop Trading Russian Crude

  • Vitol says volumes will drop this quarter, cease by year-end
  • Trader joins other firms and countries shunning Russian oil
Updated on

Vitol Group, the world’s top independent oil trader, intends to completely stop trading Russia-origin crude and products by the end of this year. 

Volumes of Russian oil handled by Vitol “will diminish significantly in the second quarter as current term contractual obligations decline,” a Vitol spokesperson said by email. It intends to cease trading crude and products unless directed otherwise, and “we anticipate this will be completed by end of 2022.”