Trader Vitol says he hasn’t sold oil from Russia since April
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The head of the Swiss-Dutch trader Vitol, Russell Hardy, said that he had not sold Russian oil since April. However, he specified that the company still sells oil products from Russia in accordance with existing contracts.
“We have not traded Russian oil since April,” he said during a speech at the ADIPEC conference in the UAE (TASS quote).
He also added that the upcoming winter will be difficult for Europe, but the next one will be even more difficult. In his opinion, this is due to the fact that gas production in Europe in the first half of 2023 will be lower than in the same period in 2022, Interfax reports.
Vitol Group is a Swiss-Dutch company specializing in the trading of oil and petroleum products. Founded in 1966. The headquarters is located in Geneva. The company is one of the world’s largest hydrocarbon traders along with Trafigura, Glencore and Gunvor.
Vitol Group in April spokethat plans to abandon the trade in Russian oil by the end of this year. Due to EU sanctions, international traders have been reduced purchases of oil and oil products from the Russian Federation. In addition, leading traders and banks tore apart relationship with Indian refinery Nayara Energy due to its ties to Russia.
About the consequences of Vitol’s decision – in the material “Kommersant FM” “Russian oil is losing traders”.
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