Tag Archives: Vitol

If the current increase in Nigeria’s oil production is sustained, the country may not find much trouble financing its 2023 budget, with the Vitol Group, the world’s largest energy trader predicting yesterday that oil prices could return to triple digits later this year. Vitol’s Chief Executive Officer, Russell Hardy, said …

The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group. There are signs that demand may be weakening in some …

OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s biggest independent oil trader, Vitol Group. The decline in U.S. drilling and output leaves little competition to efforts by the producers’ group to manage markets, Mike Muller, Vitol’s …

Global oil demand could plummet by 18.7 million bpd in April, deepening an expected demand plunge of 10.5 million bpd for March, Goldman Sachs said, while the coronavirus pandemic continues to claim thousands of lives and forces a growing number of major economies into lockdown. “A demand shock of this …

The hit to Chinese demand for LNG due to coronavirus has exacerbated the already weak market.

Three of the world’s largest oil traders are seeking to store crude on tankers at sea as the industry tries to deal with a glut that’s emerged since the outbreak of the coronavirus in China.

The world’s largest energy traders enjoyed one of their best ever years in 2019 as pipeline outages. dramatic changes in ship fuel regulations and Middle East conflicts shook up the global oil market.

In February. Adnoc announced that it is building the world’s largest single underground project for oil storage.

Islandmagee is one of several projects proposed for the U.K. and Ireland.

Russia’s largest private natural gas company. Novatek. secured vital funding for its Arctic LNG 2 plant.