Vitol CEO expects oil prices to rise to $100 in the second half of the year
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Russell Hardy, CEO of oil trader Vitol Group, said oil prices could reach $90-100 per barrel in the second half of the year. He stated this in an interview Bloomberg.
“Demand is expected to reach record levels in the second half of the year. The prospect of price increases in the range of $90-100 in the second half of the year looks quite real,” said Mr. Hardy. Since the beginning of the year, the price of Brent oil has fluctuated around $83-84 per barrel.
Mr. Hardy noted that in a few months the level of oil inventories will decline in an environment where demand for most petroleum products exceeds pre-pandemic levels. In particular, due to the growth of air travel, the demand for aviation fuel is growing. According to Mr. Hardy, the situation in Ukraine and sanctions against Russia created some logistical difficulties, but stocks in Europe are at a comfortable level.
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