Skip to content

Surging Fuel Costs Are Causing Demand Destruction, Says Vitol

  • ‘There’s very clear evidence of economic stress,’ says Vitol
  • Comments come after gasoline, diesel prices hit record in US
Bloomberg business news

WATCH: Russell Hardy, Group CEO of Vitol, discussed the future of the global energy market at the 2022 Qatar Economic Forum in June.

Source: Bloomberg

The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader.

Consumers are being hit by the run-up in gasoline, diesel and other oil products, Mike Muller, head of Asia at Vitol Group, said Sunday on a podcast produced by Dubai-based Gulf Intelligence.