The world’s largest oil traders estimate that the price per barrel will remain above $ 70. According to them, the demand for black gold will return to pre-pandemic levels in the second half of next year.
According to Vitol CEO Russell Hardy, the price of oil will range between $ 70 and $ 80 per barrel in the coming months. This is in anticipation that OPEC member countries and their allies will maintain discipline and not violate the mining agreement. According to him, the price will remain above $ 70 even if the embargo on Iranian oil exports is lifted.
“Oil demand is expected to return to pre-coronavirus pandemic levels in the third or fourth quarter of 2022,” said Alex Sanna, head of oil at Glencore, at the Asia Oil & Gas Conference in Kuala Lumpur.
Mercuria expects oil demand to increase to 100 million barrels per day by the end of this year. “Stocks are already at pre-pandemic levels, with the exception of China,” said Marco Dunand, CEO. “Can the price of oil get above $ 100? Of course he can, “said Torbjon Tornqvist, CEO of Gunvor, at the conference.
