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Vitol Warns Triple Digit Oil Possible this Year

OIL
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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.
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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.