• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 57 mins America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 1 hour TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 36 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 4 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 3 hours Where's the storage?
  • 3 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 1 min Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 12 hours China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 44 mins Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 8 hours Dr. Fauci is over rated.
  • 19 mins Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 2 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
Alt Text

This Supermajor Is About To Slash Permian Oil Production

Chevron is slashing capital expenditures,…

Alt Text

Looming Recession Sparks New Oil Sell Off

Money managers sold some 180…

Alt Text

Saudi Arabia’s Oil Price War Is Backfiring

Saudi Arabia’s controversial oil price…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

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:


Download The Free Oilprice App Today

Back to homepage






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