Vitol: Oil may exceed $80 as demand rises


Russell Hardy, CEO of Vitol, believes that oil is likely heading to exceed the level of $ 80 a barrel, with rising demand, and this may force the producers of “OPEC +” to add more supplies to the market.


And “Hardy” said in an interview with “Bloomberg” Thursday, saying: European gas stocks will be at about 78% of normal levels during October, and added: Everyone is worried about losing part of the stocks that we usually have, during the winter season, the demand for gas is significantly higher From the demand during the summer, we must stock up, there are no two ways around it.


The world’s largest independent oil trader also expects global demand for crude to rise by an additional half a million barrels per day this winter.


He explained: While global demand for oil is still around 4 million barrels per day lower than 2019 levels, which is mainly due to the decline in jet fuel consumption, this gap will gradually decrease.


Oil demand is expected to return to 2019 levels by the middle of next year, and reach peak demand in 2030.

Source: numbers

The article “Vitol”: Oil may exceed $ 80 with high demand was written in Al Borsa newspaper.