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.

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