Top Oil Trader Vitol Backs OPEC+ Plan to Raise Output Gradually
- Cartel ‘did the right thing’ with deal last week, says Vitol
- Markets have confidence OPEC+ can continue to stabilize prices
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Vitol Group backed last week’s decision by OPEC+ to ease oil-output cuts gradually, saying energy demand would remain fragile until the roll-out of coronavirus vaccines.
OPEC+ has “done the right thing in light of the question of demand, given the winter virus conditions we still have ahead of any vaccine impact,” Mike Muller, the head of Asia for Vitol, the world’s biggest independent oil trader, said in an interview Sunday with Dubai-based consultant Gulf Intelligence.