Vitol, the world’s biggest independent oil trader, sees further downward pressure on global oil prices this year amid signs of weaker than expected demand for oil and as storage tanks fill to the brim. Due to a relatively muted demand response to the lower oil price last year, Vitol sees oil demand growing by 800,000-1 million b/d this year, down from an “exceptional” 2015 when demand grew by 1.7 million b/d, Vitol executive member Christopher Bake said Tuesday. “Where we all thought that pricing would help…it hasn’t and going forward, the effect of lower prices is not totally clear what that is going to do to incremental demand,” Bake told an oil conference in London. “I don’t think we can rely on low prices driving much incremental demand at this point,” Bake said. Article continues below… Exchanging value in the oil markets We would like to offer you a […]