Biggest Oil Trader Sees No Travel Rebound Till Third Quarter
- Vaccination passports are ‘inevitable,’ says Vitol’s Muller
- Oil demand to rise by 6 million barrels a day this year: Vitol
Photographer: Brent Lewin/Bloomberg
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A return to pre-pandemic levels of oil demand will hinge on jet-fuel use, which is unlikely to recover until the third quarter of the year, said Mike Muller, head of trader Vitol SA’s operations in Asia.
Jet fuel has been the oil product hardest hit by the coronavirus pandemic in Asia. Demand in the region for fuels such as diesel and gasoline was also affected but has rebounded. Vitol is the world’s biggest independent oil trader.