Top Energy Trader Vitol Says OPEC+ Has Control of Oil Market
- U.S. ‘nowhere close’ to returning output to 2019 level: Muller
- Chinese fossil-fuel demand will continue to grow ‘unabated’
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Oil’s surge following OPEC+’s surprise move to maintain cuts in supply shows the producers’ group is in charge of the market, Vitol Group said.
The Organization of Petroleum Exporting Countries and its allies shocked the market on Thursday when they opted to keep output curbs largely in place, belying expectations that they would pump more crude to meet rising demand. Benchmark Brent futures jumped toward $70 a barrel at the end of the week.