Dutch-owned Vitol, the largest independent energy trader in the world, said Thursday its 2014 revenue dropped 12 percent on low oil prices.
"As the largest independent trader of energy, the rapid slide in the price of crude in the last quarter of 2014 impacted our headline revenue figure which has fallen to $270 billion," President and Chief Executive Officer Ian Taylor said in a statement.
Oil prices are down around 40 percent from the June 2014 highs about the $100 per barrel mark, forcing many in the industry to cut spending for exploration and production. Brent crude oil prices hit a low mark in 2015 at $44.13 per barrel and are up only 5 percent since the beginning of the year to sell near $58 per barrel in Thursday trading.
Taylor in February expressed pessimism over any sustained rally in oil prices because of expected growth in U.S. crude oil stockpiles and production. While low oil prices present a source of economic stimulus to some countries, international security creates long-term uncertainties for market dynamics.
"Looking ahead, despite an improvement in near-term product demand, questions remain on both the demand and supply sides," he said.
Revenue for Vitol fell to its lowest level in four year. The company said it handled 268 million tons, or around 1.9 billion barrels of oil equivalent, last year, down nearly 3 percent from the previous year.
