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Vitol Sees Brent Oil Prices Trading at Around $85/bbl Next Year

OIL

Vitol’s CEO Russell Hardy expects Brent crude oil prices to be trading at around $85/bbl next year, he said during the annual Energy Intelligence Forum in London.

  • Oil demand is showing robust growth, but there has also been extra supply despite the cuts from some members of OPEC+, Hardy said.
  • “There is supply around. The US is doing well, Guyana is doing well and generally the OPEC grouping is doing well when you consider Libya, Venezuela and Iran,” he said.
  • On the gas market, Hardy said that European industrial demand has not recovered from last year’s energy crisis. “We can expect some of that lost demand to stay lost forever,” he said.
  • Further cuts to gas production in Israel could lead to lower LNG exports to Europe from Egypt. “The European market will get nervous on the back of that,” he said.
Energy BulletsCommodities
Energy BulletsCommodities

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