Watch for oil demand to soar to record highs this year and drive crude back up to $100, top energy trader says
Global demand for crude oil could hit record highs this year – potentially driving prices back up to $100 a barrel, according to Vitol's chief executive officer. Bloomberg interview
The view factors in a jump in demand due to the reopening of China's economy, as well as an expected drop in inventories over the coming months. Hardy said demand for most oil products is surpassing pre-pandemic levels, while gasoline is"fairly flat" and jet fuel lingers"in catch-up mode" as travel gradually picks up.
Hardy's forecast has been echoed by other oil experts, including Saxo Bank's head of commodity strategy, Ole Hansen."We do not claim to be smarter than one of the worlds biggest shippers and with the OPEC and IEA pointing toward the same trajectory - anything but a deepening economic slowdown or a peace deal in Ukraine would in our view support higher prices later in the year," Hansen told Insider.
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