Volatile oil prices led to doubling of global commodities market, report finds

Profits from global commodities trading for companies including Vitol andhave nearly doubled to more than $50bn in recent years, driven by volatile oil prices, fresh analysis has shown.

The study estimated that most of the growth was driven by higher profits from oil trading, which increased by more than 90% to $18bn during the period. Profits from trading in power and gas increased from $7bn to $13bn.McKinsey said the value of the sector continued to rise during 2022, which resulted in the profits of commodities traders coming under scrutiny after Russia’s invasion of Ukraine.

Despite moves by some fossil fuel firms to decarbonise, trading in oil and gas – as well as other commodities such as agricultural products and metals – remains highly lucrative. The volatility caused by the war has helped buoy the profits of the specialist commodity traders in the sectorVitol made more profit in the first half of 2022 than in the whole of 2021, whileafter the energy crisis led to a surge in profits.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Former ASX listings boss Cunningham to run private companies exchangeFormer ASX group executive of listings Max Cunningham - the man who trawled the world for companies to list on the Australian Securities Exchange - has jumped into the burgeoning world of private capital and private companies. Too much risk given the financial future we are heading into. I think the most important question to lending money is, ' Will I get it back? '.
Source: FinancialReview - 🏆 2. / 90 Read more »

Bill Gates complained to tech companies about 'laughable' COVID conspiracy theoriesThe Microsoft co-founder Bill Gates says he complained to technology companies about COVID-19 conspiracy theories about him being spread online. It turned out all COVID 'conspiracy theories' to be true, no? Which conspiracy theory ? I remember when spread the dis-information about how the covid clot shot stopped transmission. Remember that you conspiracy theorists
Source: abcnews - 🏆 5. / 83 Read more »

‘Everything is fake’: how global crime gangs are using UK shell companies in multi-million pound crypto scamsInvestigation reveals more than 150 fake firms, many with ties to China, are targeting people online, breaking their hearts – and emptying their bank accounts.
Source: GuardianAus - 🏆 1. / 98 Read more »