• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 12 hours U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 3 hours Socialists want to exorcise the O&G demon by 2030
  • 4 hours Chevron to Boost Spend on Quick-Return Projects
  • 19 hours What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 2 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 11 hours UK, Stay in EU, Says Tusk
  • 2 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 1 hour Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It's Exist
  • 4 hours Conspiracy - Theory versus Reality
  • 16 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day Venezuela continues to sink in misery
  • 1 day Blame Oil Price or EVs for Car Market Crash? Auto Recession Has Started
  • 11 hours Regular Gas dropped to $2.21 per gallon today
Alt Text

Profit Taking Ends Massive Rally In Crude

A bout of profit taking…

Alt Text

Are Conventional Producers Really Losing Influence?

While it’s shale that catches…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

Trending Discussions

World’s Biggest Oil Trader Questions Its Own Fate

Vitol’s chief executive, Ian Taylor, said he expected the shift to electric vehicles and non-fossil fuel sources of energy to shrink the oil industry. Speaking at an event in London, the executive said crude oil demand could peak some time around 2028-2030.

Vitol is responsible for the trade of around 7 percent of global oil, which makes it the biggest oil trading firm in the world. Taylor admitted he is concerned about the company’s place in a new, less oil-dependent, world. An additional cause for worry is the shrinking pool of talent, as more young people opt for a career in technology, he said.

A third cause for worry for one of the world’s top oil traders is the low price of the commodity, although Taylor said that he expected prices to improve to about US$60-65 in the next two to three years. Before that, however, Taylor said, growing U.S. oil exports would continue to pressure international benchmarks in 2018.

The Vitol chief said the international oil price benchmark, Brent, could do with a liquidity boost and he praised plans to add in 2018 a fifth North Sea grade from Norway’s Troll field to the four-grade BFOE basket that makes up the benchmark. Related: The Natural Gas Giant To Challenge Israel

However, Taylor noted, more grades need to join Brent, Forties, Oseberg, Ekofisk, and Troll in order to further improve liquidity. Yet, he said, adding Russia’s Urals blend would not help liquidity because it is loaded from several terminals and the loading programs are inconsistent.

One of the biggest traders of Kurdish oil, Vitol could suffer adverse consequences should Kurdistan attain independence. Indeed, Taylor said he hoped the autonomous region would not split from Iraq – a prospect that is currently distant, as Baghdad takes aggressive measures to cut off Kurdistan’s links to the bigger world after the autonomous region voted for independence in its recent referendum.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • Me on October 06 2017 said:
    "Speaking at an event in London, the executive said crude oil demand could peak some time around 2028-2030."

    Smart guy ... politically correct, yet 10 years out.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News