European Oil Giants Beat Energy Traders At Their Own Game In 2022

Europe’s oil giants saw their trading arms rake in some $37 billion in pre-tax earnings last year, overtaking the estimated $34 billion made by the world’s largest energy traders, with soaring profits attributed to the events since Russia invaded Ukraine.  According to data from Bernstein Research cited by The Financial Times, Shell generated $16 billion in pre-tax earnings from its energy trading arm, while TotalEnergies took in $11.5 billion and BP earned $8.4 billion.  These figures compare to Vitol’s record energy…