Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Oil supply and demand more balanced, says Vitol chief

Market news
Market news

The Scot at the helm of oil trading giant Vitol said yesterday he saw signs emerging of a better balance between global oil supply and demand.

Ian Taylor refused to speculate on where oil prices may be headed next, adding: “Traders always get these things wrong.”

But addressing delegates of the Kazenergy Eurasian Forum in Kazakhstan, he said the market seemed to be settling after months of volatility.

He added: “This is beginning to happen. Demand is very strong; you can see US production beginning to come down.”

Mr Taylor, who has led Vitol as chief executive since 1995, was speaking during an online discussion – on the theme of “new energy equations” – moderated by Pulitzer Prize-winning author Daniel Yergin.

The event coincided with another fall in crude oil prices after US inventories showed a weekly buildup that far exceeded analyst expectations.

American stockpiles grew by 4.6million to 457.8million barrels in the week to September 25, while market analysts had expected an increase of only 102,000.

Brent crude, the global oil benchmark, fell 37 cents to $47.86 a barrelmay need updating and was on track to end September with a near 12% drop.

Mr Taylor is both a director and the largest shareholder at Western Isles business Harris Tweed Hebrides, where other investors include former energy minister Brian Wilson.

Vitol’s boss is also known for his philanthropy and political donations, including a £500,000 contribution to the Better Together campaign in the run-up to the Scottish independence referendum.

Founded in Rotterdam in the Netherlands, in 1966, Vitol now has nearly 40 offices worldwide. Its largest operations are in Geneva, Houston, London and Singapore.

It is among the oil trading firms expected to cash in on low crude prices by storing vast quantities of the commodity until prices rise.

Recommended for you

More from Energy Voice

Latest Posts