Vitol Sees Oil Supply Stretched as China Demand Climbs Back
- China’s biggest cities are emerging from pandemic lockdowns
- Key questions is whether Saudis, UAE can bring on more crude
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China’s fuel demand is reviving in a market that is struggling to increase supply, meaning prices are unlikely to drop, said the boss of the world’s largest independent oil trader.
“The market’s a little bit concerned that we’re running out of spare capacity and is beginning to factor that into prices,” Vitol Group Chief Executive Officer Russell Hardy said at the Qatar Economic Forum on Tuesday.