Oil prices will range between $80 and $100 a barrel this year, with global oil demand rising by 1.9 million bpd, according to Russell Hardy, chief executive of international trader Vitol.
“That seems like a reasonable range for the market given that OPEC is controlling global inventory levels,” he said during a conference in Lausanne. – Supply in the market is really tight.”
Brent crude futures topped $90 a barrel last week amid geopolitical risks and signs of strong demand.
The International Energy Agency (IEA) forecast global oil demand growth of 1.4 million bpd this year, 500,000 less than the forecast of Vitol’s head.
Fuel demand in China will continue to grow, Hardy expects, but the peak will come “relatively soon”.
