According to Mike Muller, Vitol Group’s head of Asia, during a daily webinar organized by Dubai consultancy Gulf Intelligence on Sunday, the current oil price increase is expected to continue on the assumption that any OPEC+ output hikes will fail to outrun the level of demand growth.
The Vitol Group is the largest independent oil trader in the world.
“We’ve had similar impasses in the past, and they’ve all been resolved.”
“Whatever OPEC+ decides, it will undoubtedly be a fraction of what is required” to fulfill rising demand.
“OPEC is well on its way to achieving their stated goal of reducing the global inventory overhang to manageable levels, which is essentially the 2019 norm, and we still have a market with a view that there will be more demand than supply for the upcoming months.”/n
