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OIL: Oil Prices to Remain in $70 to $80/bbl Range in 2025: Vitol

OIL
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Global oil prices are expected to stay in the $70 to $80/bbl range in 2025 amid non-OPEC supply growth and slowing demand growth in China but with supply uncertainty due to geopolitical risks, Vitol CEO Russell Hardy said cited by Reuters.

  • "There's clearly a little bit of concern about the balances for 2025 and that's what's driving the market today," he said.
  • Uncertainty surrounds the Middle East as well as Iranian exports and Venezuelan exports under the new U.S. Trump presidency, he said.
  • "So I think it's a little premature to conclude that the market is going to be oversupplied in 2025."
  • Refined oil product demand is expected to grow by 700,000 bpd in 2025.
  • "It's not as strong as last two to three years, but it was never going to be as strong as we are recovering from the pandemic," he said.
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Global oil prices are expected to stay in the $70 to $80/bbl range in 2025 amid non-OPEC supply growth and slowing demand growth in China but with supply uncertainty due to geopolitical risks, Vitol CEO Russell Hardy said cited by Reuters.

  • "There's clearly a little bit of concern about the balances for 2025 and that's what's driving the market today," he said.
  • Uncertainty surrounds the Middle East as well as Iranian exports and Venezuelan exports under the new U.S. Trump presidency, he said.
  • "So I think it's a little premature to conclude that the market is going to be oversupplied in 2025."
  • Refined oil product demand is expected to grow by 700,000 bpd in 2025.
  • "It's not as strong as last two to three years, but it was never going to be as strong as we are recovering from the pandemic," he said.