February 27, 2023 09:28 GMT
Vitol Warns Triple Digit Oil Possible this Year
Oil prices could return to triple digits later this year as consumption climbs and the market tightens according to Vitol CEO Russel Hardy speaking on Bloomberg tv.
- “Demand is expected to hit record levels in the second half of the year,” he said.
- “The prospect of higher prices in the second half of the year, in the sort of $90-$100 range, is a real possibility.” he added.
- He said demand reductions as well as warm weather have really helped the European gas situation this winter.
- China has been seen to start buying LNG cargoes as the economy reopens which adds a threat element for European gas.
- Global oil demand is expected to hit record levels in the second half of the year Hardy said, helped by China’s resurgence.
- Jet fuel is still in catch up mode because there is still a lot of reopening happening, Hardy added.