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Oil Trading Giants Vitol, Trafigura See Rapid Demand Rebound

  • Trafigura says demand is back to about 90% of normal level
  • Vitol sees oil use up 1.4 million b/d each week in June
With governments around the world easing lockdowns imposed to contain the coronavirus outbreak, consumption of gasoline and diesel is increasing.

With governments around the world easing lockdowns imposed to contain the coronavirus outbreak, consumption of gasoline and diesel is increasing.

Photographer: Mark Coote/Bloomberg
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Global oil demand is recovering at a rapid pace this month as Europe and the U.S. join the initial China-led upturn, according to two of the world’s biggest commodity trading houses.

With governments around the world easing lockdowns imposed to contain the coronavirus outbreak, consumption of gasoline and diesel is increasing. Yet, jet fuel demand remains depressed, and fears of a second wave of outbreaks are clouding the outlook, according to Vitol Group and Trafigura Group.