Three of the world’s largest commodities traders have described 2025 as a difficult year, with one executive warning that the industry would have to get used to “smaller rewards” than in the past.
Vitol chief executive Russell Hardy said his company, the world’s leading oil trader, had endured a “tough year, with lots of nitty gritty required”, while his counterpart at Gunvor, Torbjorn Tornqvist, said it had been “hard work, for little?.?.?. or a little less”.
Ben Luckock, head of oil trading at Trafigura, said the company had been able to “cobble together a decent result out of a difficult year”, as traders reduced their appetite for risk amid political uncertainty in the Middle East and elsewhere.
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