Energy
0

Asia to Drive Crude Demand Growth in Second Half: Vitol

Asia to Drive Crude Demand  Growth in Second Half: Vitol
Asia to Drive Crude Demand  Growth in Second Half: Vitol

Asia will lead oil demand growth of around 2 million barrels per day in the second half of the year, a senior executive at Vitol said on Monday, which increase could potentially lead to a shortage of supply and drive up prices.
International benchmark Brent crude has fallen to around $75 a barrel from a peak of nearly $140 in March last year, just after the disruption caused by oil producer Russia's invasion of Ukraine, Reuters reported.
Prices have drawn support from surprise voluntary output cuts by some members of the Organization of Petroleum Exporting Countries and allies, including Russia announced in April. The group meets again on June 4 to review output policy.
"We are going into the second half of the year where, largely thanks to Asian demand growth, the world is going to need about 2 million bpd more than it needs now," Mike Muller, Vitol Asia president, told the Middle East Petroleum & Gas Conference in Dubai.
"For those of you asking whether OPEC+ needs to take more off the market or not, I will let you draw your own conclusions," he said.

Add new comment

Read our comment policy before posting your viewpoints

Financialtribune.com