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TotalEnergies' Trading Desk Generated $2 Billion in Annual Profits, CEO Reveals

TotalEnergies' oil trading operations generated approximately $2 billion annually, Chief Executive Officer Patrick Pouyanné disclosed, offering rare insight into the scale of Europe's major energy companies' trading activities.

The French energy giant reported a 29% increase in adjusted net income during the first quarter, bolstered by higher hydrocarbon prices and robust performance from its trading division. The unit embarked on one of the biggest-ever buying sprees of Middle Eastern crude during the period.

TotalEnergies' trading operations handled roughly 7 million barrels daily of crude oil and refined products in the preceding year, representing about 7% of global supply.