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Oil price boom has led to doubling of global commodities market, report finds

Oil price boom has led to doubling of global commodities market, report finds

Companies such as Vitol and Trafigura in spotlight over profits after Ukraine invasionProfits from global commodities trading for companies including Vitol and Trafigura have nearly doubled to more than $50bn in recent years, driven by rocketing oil prices, fresh analysis has shown.Global commodities trading profits ballooned to about $52bn of profits in 2021, up from $27bn in 2018, and are expected to continue to grow, according to a report by consultancy McKinsey & Company.

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