The OPEC+ alliance led by Saudi Arabia and Russia is set to push global oil inventories back to 2019 levels later this year with demand recovering in China and the US lagging on boosting its production, according to Mike Muller, Asia head of Vitol, the world’s largest independent oil trader. Receive daily email alerts, subscriber notes & personalize your experience. Register Now Demand is still about 5-6 million b/d below 2019 levels, with China showing an upswing and Europe set to follow in the next few months, Muller said March 23 at the Fujairah Bunkering & Fuel Oil Forum 2021 organized by Conference Connection. US oil production is still in the low 11 million b/d range, compared with about 13 million b/d in early 2020, […]