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Now why would a tiny country that consumes very little oil be home to the 3 largest oil traders in the world?
(2012 article but relevant)
http://www.hurriyetdailynews.com/swiss-oil-trader-buys-iranian-fuel-sells-to-china-bypassing-sanctions-31046
Vitol, the world’s largest oil trader, is buying and selling Iranian fuel oil, undermining Western efforts to choke the flow of petrodollars to Tehran and put pressure on Iran’s suspected nuclear weapons program.
Vitol last month bought 2 million barrels of fuel oil, used for power generation, from Iran and offered it to Chinese traders, Reuters established in interviews with 10 oil trading, industry and shipping sources in Southeast Asia, China and the Middle East. A spokesman for Vitol declined to comment.
Privately-held Vitol SA is led by its long-time CEO Ian Taylor, a Briton. Taylor was among leading donors to Britain’s ruling Conservative Party named in March by the Prime Minister’s office as having dined with David Cameron at his private apartment in Downing Street amid the fall-out from a “cash for access” party funding scandal.
Rival Swiss-based traders Glencore and Trafigura said in July they had halted all Iranian oil trade, even though the Swiss government opted against following measures imposed by Washington and Brussels.
Profit margins on oil trade are typically very low, but traders said Iran’s difficulties in finding buyers because of sanctions are likely to have made for a fat profit margin for trading its fuel oil.