Vitol CEO says oil system has low inventory, lacks spare capacity, warns demand to shrink 3m bpd

The CEO of Vitol, the world's largest independent oil trader, says the oil system has low inventory and lacks spare capacity, pointing to tightness in global supply. He says the world cannot cope with a larger disruption than today's, forecasts demand will have shrunk by about 3m barrels per day by end-2026, and warns of a 'pretty difficult spring' ahead for oil markets.

Detected & updated continuously · Source: Nebula