Between them, the world’s two biggest oil traders will trade
over 4 million tonnes of Russian oil worth over $3.2 billion in
October, or over a third of the volumes that Russia will sell to
Europe via its Baltic and Black Sea ports, according to Reuters
That marks a departure from how oil was sold only a few
years ago, when Kremlin-controlled firms such as Rosneft
or Gazprom Neft sold their oil mainly via Gunvor, a
trading house co-owned by Russian businessman Gennady Timchenko.
“Everywhere you saw Gunvor before, Glencore is now written
in capital letters. Vitol has also grown scarily big,” a veteran
Russian trader said. Vitol and Glencore declined to comment.