Recessionary fears, lockdowns in oil mix: Muller He expects OPEC+ to hold the line on output increases Return of Iranian crude unlikely as nuclear deal stumbles The global oil markets are pricing in either a demand loss or more output from countries such as the US amid the global release of oil stocks and recessionary threats in some economies, the head of Vitol Asia said April 3.
“For the market to trade down as it has done, that’s telling you that the market is expecting a demand loss… or a production increase from places like US shale of more than 2 million b/d,” Mike Muller told the Gulf Intelligence daily energy markets podcast. The US announced on March 31 plans to sell an unprecedented 1 million b/d from the Strategic Petroleum Reserve for the next […]