Vitol expects the price of oil to have dropped to about $75 a barrel by this time next year, the global energy trader’s chief executive said.
CEO Russell Hardy told the Energy Intelligence Forum he expects oil demand levels to return to pre-pandemic levels by the summer of 2022.
“We are 2.5-3 milion barrels per day (bpd) behind 2019 oil demand levels, the vast bulk of that is jet fuel,” he said.
Source: Reuters (Reporting by Julia Payne and Ron Bousso Editing by David Goodman )
