Commodities & Futures News

Oil market ‘comfortable’ at current prices, says Vitol CEO

FILE PHOTO: CEO of Vitol, Russell Hardy speaks during the Energy Asia conference in Kuala Lumpur, Malaysia June 26, 2023. REUTERS/Hasnoor Hussain/File Photo

LONDON (Reuters) -Global crude oil markets are expected to be fairly stable this year at around $80 a barrel, Russel Hardy, CEO of oil and gas trader Vitol, said on Tuesday.

Speaking at the Energy Institute conference, Hardy also said global oil demand is expected to peak in the early 2030s.

The crude oil market is “fairly comfortable” at current prices of around $80 a barrel, he added.

Overall fossil fuel demand is also set to plateau, later than previously expected due to a slower pace of the energy transition, he added.

“Oil demand has a good few number of years still to climb … before it plateaus,” Hardy said.

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