April 8 (Reuters) - The world's top energy trader Vitol made a net profit of $13 billion in 2023, the Financial Times said on Monday citing people with knowledge of the company's results.

This is down from a record $15 billion net profit the Swiss trader made in 2022, according to a non-public balance sheet reviewed by Reuters. Vitol does not disclose its net profit.

The Geneva-based firm's 2023 revenue fell to $400 billion, a drop of more than 20% from the previous year as oil and gas prices weakened following price spikes in 2022, when Western powers imposed sanctions on Russia over its invasion of Ukraine.

Vitol said in March that it saw a tight global oil products market as the Red Sea crisis and the rerouting of Russian products had caused record volumes of oil products to be held on tankers at sea.

Rival commodities trader Trafigura posted a record net profit of about $7.4 billion for 2023, up 5% from a year earlier.

Vitol did not immediately respond to a Reuters request for comment.

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https://www.reuters.com/business/energy/vitol-posts-13-bln-profit-2023-ft-reports-2024-04-08/