World's Largest Oil Traders Seeks Foray into Metals

Vitol Group, the world’s largest independent oil trader, is hedging its bets and seeks to expand into metals crucial for the energy transition, including copper, iron ore, and aluminum, CEO Russell Hardy told the Financial Times Commodities Asia Summit in Singapore. “The petroleum, the oil business, we still think it will reach a peak at some point, about 10 years ahead from where we are today,” Hardy said. In view of the expected peak in oil demand and the surge in electrification, Vitol will seek where its edge in metals trading…