Vitol Sees Oil Jumping to $80-Plus as Energy Crunch Lifts Demand
- Demand to rise by 500,000 barrels a day this winter: Vitol CEO
- Vitol sees fuel switching from gas to price-competitive LPG
Photographer: Andrew Caballero-Reynolds/Bloomberg
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Vitol Group, the world’s biggest independent oil trader, expects global crude demand to climb by an extra half a million barrels a day this winter as a gas-led energy crunch drives a rush for other fuels.
Oil is most likely headed above $80 a barrel, partly as higher gas prices boost demand, Vitol Chief Executive Officer Russell Hardy said in an interview from London on Thursday. That could force OPEC+ producers to add more supply into the market, he said.