Vitol Chief Sees Oil at $90-$100 in the Second Half of Year

Demand to hit record levels as most products surpass 2019
Peak in oil demand seen around 2028-2030: Vitol’s Hardy

WATCH: Vitol CEO Russel Hardy discusses the oil trader’s 2022 performance and the outlook for oil demand in 2023.Source: Bloomberg

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By Francine Lacqua, Grant Smith, and Archie Hunter

February 27, 2023 at 8:57 AM UTC

Updated on

February 27, 2023 at 11:29 AM UTC

This article is for subscribers only.

Vitol Group said oil prices could return to triple digits later this year as consumption climbs and the market tightens.

“Demand is expected to hit record levels in the second half of the year,” Chief Executive Officer Russell Hardy said in a Bloomberg Television interview. “The prospect of higher prices in the second half of the year, in the sort of $90-$100 range, is a real possibility.”