I had headlines on Monday:
The comments came from Amin Nasser, CEO of the giant Saudi oil company:
- “Overall, we believe that the fundamentals of the oil market remain broadly healthy for the rest of the year.”
- “Despite risks of recession in many OECD countries, the economies of developing countries, particularly China and India, are driving healthy oil demand growth of more than 2 million barrels per day this year.”
The CEO of the world’s largest independent oil trader, Vitol, expects strong fundamentals ahead, for the next quarter or so, but warns that price forecasting is risky due to uncertainty over Russian supply and Chinese demand:
- “So far this year, the supply side has outperformed slightly, particularly in Russia, where there were expectations of a loss of production as a result of oil having difficulty getting to the market due to sanctions.”
- He says oil demand may peak but not until around 2030
