Vitol Revenues, Traded Oil Volumes Down for 2014

"Market structure presented some interesting opportunities," said Taylor.

The world's largest independent energy trader, Vitol Group (Vitol), Thursday announced a 13.7 percent year-on-year drop in revenues to $270 billion for 2014.

At the same time, total traded volumes of crude oil and oil products fell from 276 million tonnes in 2013 to 268 million tonnes last year.

The group also made marginally fewer ship voyages during 2014, at 6,053 , compared to 6,065 the prior year.

According to its website Vitol ships approximately 3 million tonnes of fuel oil every month, about half of which is processed as refinery feedstock.

"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," said group President and CEO Ian Taylor.

"For a brief time the market structure presented some interesting opportunities for a physical trader, notwithstanding the additional challenges of hedging physical cargoes in a highly volatile market."

During the year, Vitol acquired Shell's Australian downstream business and Viva Australia, owned by Viva Energy in which Vitol holds a 40 percent stake, launched to become distributor of Shell fuels and lubricants in the country.

In addition, VTTI Energy Partners MLP, part of Vitol's terminal and storage arm VTTI Group, listed on the New York Stock Exchange (NYSE).

"We are focused on continuing to evolve our downstream portfolio," said Taylor.

"The economic outlook appears to be improving and should receive a further boost from cheaper energy prices."

In January, port terminal operator DP World said it was doubling investments in 2015 as it expected lower oil prices to stimulate international trade and the shipping industry.