Demand in Europe and the US may have peaked already, the heads of three trading companies have said, but growth will be sustained by Asia.
Vitol’s former chairman and CEO Ian Taylor has died, the trading company has confirmed.
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Oil traders are gathering in London for what’s normally a week of lavish parties, dealmaking and market chatter. China’s coronavirus means this year’s events will be more subdued – and fewer in number – than usual. The talk will be about absent friends and uncertain demand.
Vitol has signed up to a strategic partnership and co-operation agreement with Equatorial Guinea’s Ministry of Mines and Hydrocarbons, focused on the proposed gas megahub plan.
Oil price predictions always end in disaster but complacency in the market poses a number of risks, given global uncertainty.