Vitol Group, Wall Street Banks See Tightening Oil Supplies On Russia’s Disruptions
The world’s largest independent crude trader Vitol Group feels that the global oil market will tighten further with disruption of Russian oil flow and oil producers like Libya experiencing supply crunch. The impact can push the prices higher after crude oil crossed $115 a barrel post the Russian invasion of Ukraine.
The surging oil prices As per Bloomberg News, Vitol’s Asia Head, Mike Muller, in a podcast produced by Dubai-based publisher and consultant Gulf intelligence, said on Sunday that there are more twists and turns in the offing. According to him, while the world is already factoring in the price, knowing there won’t be severe takers of Russian oil in the western hemisphere, everything is not yet included in the pricing. The views of Muller are echoed by many commodities hedge funds and Wall Street banks, including Goldman Sachs Inc., which feels that oil could reach $150 in the next three months. The market, according to Muller, will see a bullish pattern where traders will rush to secure supplies