Vitol Chief Says OPEC Freeze at Today’s Levels Not Good Enough
- Producers may need to tighten further to push up price: Taylor
- Crude seen moving closer to $55 a barrel by end of next year
Vitol CEO Sees OPEC Freeze as Not Quite Good Enough
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A move by the Organization of Petroleum Exporting Countries to freeze output won’t be sufficient to buoy the market, according to the world’s largest independent oil trader.
Capping production at today’s levels is “probably not quite good enough,” Vitol Group of Cos. Chief Executive Officer Ian Taylor said in a Bloomberg Television interview as OPEC members gathered in Algiers on Wednesday. The organization may need to tighten supply further to drive up prices, a task that could be “too much to grasp at this particular meeting,” he said.