Shell doubles oil-trading profit to $2.6bn last year ...Qatar

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Shell doubles oil-trading profit to $2.6bn last year
source : ٌRayaٌ news ( Qatar ) () 9
Royal Dutch Shell Plc disclosed the profitability of its sprawling and secretive oil-trading unit for the first time, saying it almost doubled to $2.6bn last year. The scale of that result shows the importance of the trading division to the oil major in a year when weak demand and prices hit other parts of the business. Shell took advantage of wild price swings and a market situation that allowed it to make money by storing oil to sell later for a profit. The company’s earnings from oil trading in 2020 beat the highest ever net income at Vitol Group, the world’s largest independent trading house, which made a record $2.3bn in 2019. Vitol has yet to disclose 2020 results. Shell only revealed

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