Vitol Sees Oil Rising on Assumption OPEC+ Steps Will Fall Short
- OPEC+ will add fewer barrels to market than needed: Muller
- Crude prices have already advanced about 50% this year
Fuel storage tanks at the VTTV oil storage terminal, a joint venture of Vitol Group and MISC Bhd.
Photographer: Andrew Caballero-Reynolds/Bloomberg
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The world’s largest independent oil trader expects crude’s rally to continue on the assumption any OPEC+ output hikes will fail to keep pace with growth in demand.
The Organization of Petroleum Exporting Countries and its allies are deadlocked over a potential ramp-up in production and an extension of their supply deal into later next year. While the group is broadly in agreement over adding 400,000 barrels a day each month for the rest of this year, the United Arab Emirates has not signed off amid a dispute over its production-cuts baseline.