Two commodity trading giants are betting big on a Russian oil project in a rare move that could make or break the oil traders’ fates – and oil market observers should be paying close attention. When commodity trading major Trafigura bought a 10-percent stake in Rosneft’s Vostok Oil project, oil prices were trading below $50 per barrel. There were also forecasts that oil demand may never recover to pre-pandemic levels and that oil, in general, was on its way out. Now, Trafigura’s peer Vitol has joined the company in its bet on eastern Siberian crude. Vitol, in a consortium with Mercantile & Maritime, sealed a deal with Rosneft last week for the acquisition of a 5-percent interest in the megaproject. Reuters has compared the project with the oil development of western Siberia in the 1970s and the U.S. Bakken play more recently. Vostok Oil fully deserves its megaproject title. […]