Global oil demand remained behind the pre-COVID-19 levels of 2019 – Vitol

Russell Hardy, Chief Executive Officer of Vitol Group, expressed his take on the global oil and gas price and demand outlook, in a pre-recorded interview for the annual Platts APPEC 2021 conference. Vitol Group is the world's largest independent oil trader.

Hardy said, “global oil demand remained 4 million barrels per day behind the pre-COVID-19 levels of 2019,” per Reuters.

Additional comments

“Global gas prices are at “extreme levels” due to low inventories and strong demand in Europe and China.”

“The market is set for a reasonably bullish five-year outlook.”

WTI reaction

WTI was last seen trading at $75.22, rising 1.69% so far, thanks to the improved market mood amid the US stimulus optimism. The US oil is trading close to the two-month highs of $75.31 reached in the last minutes.