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Oil Market Balance Difficult To Predict This Year: Vitol CEO

OIL

It has been difficult to predict oil market balances this year because of the uncertainty with Russian supply and Chinese oil demand, Vitol CEO, Russell Hardy, said.

  • The market is in slight oversupply with Russia beating earlier expectations of a supply loss because of western sanctions imposed on its exports, Hardy said.
  • While there were signs in the first quarter that China's oil recovery is coming, it has stalled due to economic headwinds, he added.
  • China’s oil demand recovery has been the main focus of oil markets so far this year. The IEA expects China to contribute by 60% to this year’s oil demand growth.
Energy BulletsCommodities
Energy BulletsCommodities

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