LONDON, Feb 15 (Reuters) - Glencore's (GLEN.L) traded oil volumes fell to below 4 million barrels per day (bpd) in 2021 for the first time since 2015, the company's results showed on Tuesday.
The global trader and miner traded 3.86 million bpd in 2021, down from 4.2 million bpd a year earlier, showing it has not recovered volumes after the peak of the COVID-19 pandemic. Traded oil volumes, including crude and refined products, were 3.3 million bpd in 2015.
Glencore's competitors like Vitol and Trafigura also traded less in 2020 after demand collapsed due to lockdowns. Trafigura's traded volumes recovered last year, jumping 25% to 7 million bpd on the back of surging global demand. Vitol has not yet released its final 2021 volumes. read more
Part of the drop at Glencore was due to a shift to less-polluting fossil fuels and also lower Russian volumes.
Glencore's head of crude Maxim Kolupaev was recently promoted to a new role in charge of its growing business in natural gas, liquefied natural gas and power.
Meanwhile, the company's exposure to Russia has been getting smaller under the new guard of CEO Gary Nagle and head of oil Alex Sanna, who are reshaping the company after decades of leadership by Ivan Glasenberg and Alex Beard, who had closer ties with Moscow.
Glencore's five-year supply deal with Russia's top oil firm Rosneft (ROSN.MM) expired last year, although the Swiss trader still regularly wins crude and products tenders. In December, the company sold out of its stake in another Russian firm, Russneft, after two decades of investments. read more
The company's adjusted earnings before interest and taxes (EBIT) for energy products was $1.4 billion in 2021.
"Energy products adjusted EBIT was down 21% over 2020, with a strong 2021 coal result limiting the net overall reduction, given oil’s lower contribution relative to the prior year," the company said in its results.
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