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Global Oil Products Market Tight with Record Volumes at Sea: Vitol

OIL PRODUCTS

The global oil products market is tight with record volumes on tankers at sea due to the Red Sea diversions and the rerouting of Russian products according to Vitol.

  • "While European road transport demand will begin to wane by the mid-2020s, in the near term we anticipate continued tightness in the market and an ongoing call on European refining," said CEO Russell Hardy on Tuesday.
  • Europe has had to look further afield, especially for gasoil, due to the rerouting of Russian crude oil and products away from Europe to India and China.
  • Vitol expects oil demand to peak in the early 2030s and a few years later than it had previously anticipated. Global refined product demand is forecast to increase by 1.5mbpd this year.

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