Oil price rally to extend as OPEC+ steps seen falling short – Vitol

The ongoing oil price rally is likely to continue on the assumption any OPEC+ output hikes will fail to outpace the extent of demand growth, Mike Muller, Vitol Group’s head of Asia, said during a daily webinar hosted by Dubai consultants Gulf Intelligence on Sunday. 

Vitol Group is the world’s largest independent oil trader.

Key quotes

“We’ve had impasses like this before and they’ve been resolved.”

 “Whatever OPEC+ agrees, it will surely be a fraction of the amount needed” to meet growing consumption.”

“OPEC is in a big chunk of the way towards their stated objective of getting the global inventory overhang back to manageable levels from their perspective, which is basically 2019 norm and we still have a market which has an outlook which for the spot months there is going to be more demand than supply.”

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