Vitol Group, the world’s largest independent oil trader, expects global oil inventories to continue drawing down for the rest of the year, unlike its rivals and many analysts who see a growing glut on the market. The world’s stockpiles of oil have diminished by around 300 million barrels since peaking at 1.2 billion barrels early this summer, and are expected to decline by another 250 million-300 million barrels between September and December, Vitol’s chief executive Russell Hardy told Bloomberg in an interview published on Wednesday. Refineries that have bought a lot of cheap oil in the past few months are expected to play a key role in drawing down global oil inventories, Hardy told Bloomberg. Gasoline demand could falter in the winter, but diesel demand could offset it, while jet fuel consumption still “looks bad,” Vitol’s top executive said, but added that demand recovery is likely to be uneven […]