• 3 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 6 minutes This Battery Uses Up CO2 to Create Energy
  • 10 minutes Phase One trade deal, for China it is all about technology war
  • 12 minutes Trump has changed into a World Leader
  • 3 hours Indonesia Stands Up to China. Will Japan Help?
  • 2 hours Shale Oil Fiasco
  • 3 hours Might be Time for NG Producers to Find New Career
  • 6 hours Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
  • 6 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 8 hours Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 10 mins Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 7 hours Beijing Must Face Reality That Taiwan is Independent
  • 1 hour Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 7 hours China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 24 hours US Shale: Technology
  • 2 days Swedes Think Climate Policy Worst Waste of Taxpayers' Money in 2019

Breaking News:

Brazil Breaks Oil Production Record

Alt Text

The World's Most Expensive Oil Nears $100 Per Barrel

Strong demand for heavy-sweet crude…

Alt Text

Oil Will Stay Above $50 Per Barrel In 2020

Energy markets have started the…

Alt Text

Oil Tanks As Trump Claims Iran Is Standing Down

Oil prices fell on Wednesday…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

World’s Top Oil Trader Sees Oil Prices Weakening This Year

Vitol, the world’s biggest independent oil trader, expects oil prices to weaken in the fourth quarter this year, although prices are unlikely to be below $50 a barrel for a sustained period of time, Vitol’s chief executive officer Russell Hardy told Reuters on Thursday.

“I expect a softer price in Q4 but it is unlikely to be sustained below $50 a barrel because that means $45 for shale, which would result in capex being cut,” the manager noted.

Last month, Hardy said that Vitol had been revising down its global oil demand growth estimates and now sees growth at just 600,000 bpd-650,000 bpd this year. Next year, demand growth is set to pick up to around 800,000 bpd, according to Vitol.

“The market seems to be putting its weight behind economic slowdown and trade wars and slightly under-pricing risk that supply could be interrupted,” Hardy told Bloomberg TV in August.

For next year, Hardy expects oil prices to be around $60 a barrel because more supply from Brazil, Canada, Norway’s Johan Sverdrup oil project, and from U.S. shale thanks to more pipelines, would keep a lid on prices.

On Thursday morning, before the release of EIA’s report on U.S. inventories, WTI Crude was up 0.3 percent at US$56.43 and Brent Crude was trading up 0.44 percent at US$60.97. Oil prices jumped 4 percent mid-day on Wednesday, following encouraging economic data from China.

The protracted U.S.-China trade dispute and slowing economies and oil demand growth caused analysts to slash their forecasts for WTI Crude and Brent Crude prices this year to the lowest outlook since 2018, the monthly Reuters poll showed last week. According to 51 analysts and economists, WTI Crude will average US$57.90 a barrel this year, down from the US$59.29 per barrel forecast in the previous survey. Experts now see Brent Crude averaging US$65.02 per barrel this year, down from the US$67.47 forecast in the previous month’s poll. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play