Top Oil Trader Sees Demand Growth Slowing Amid U.S.-China Fracas - Bloomberg:
Growth in global oil demand is slowing and won’t exceed 650,000 barrels a day this year before picking up pace up in 2020, according to Vitol Group’s chief executive officer.
Oil markets are focused on the U.S.-China trade war while “slightly under-pricing” the risk of possible supply disruptions arising from geopolitical tensions in the Persian Gulf, Vitol CEO Russell Hardy said in a Bloomberg TV interview in Abu Dhabi. Weak demand in established markets is spurring Vitol to focus on emerging economies, he said.
“We’ve been continuously revising our expectations for growth down,” Hardy said Wednesday. The world’s biggest independent oil trader expects demand to increase by 600,000 to 650,000 barrels a day in 2019, “and we’re expecting about 800,000-barrels-a-day growth for next year. Those numbers are a little bit down from when we first set them out. They don’t include NGLs,” or natural gas liquids, he said.
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