Oil market to remain tight into 2023 as demand continues to recover: Vitol CEO

Global oil markets will likely remain tight and supportive of higher prices well into 2023 as demand continues to recover from COVID-19 lows despite growing concerns over a global recession, Russel Hardy, the CEO of oil trader Vitol, said June 21.

Vitol still expected to see some 2 million-3 million b/d of global oil demand growth in 2023 despite concerns over “runaway prices”, with oil supplies struggling to keep up with the increase, Hardy told the Qatar Economic Forum in Doha.

SOURCES&P Global Platts