Highlights China may be ‘backstop home’ to Russian crude Saudi OSPs to Asia could have been even higher Oil rally not over: Mike Muller High oil prices are likely to lead to demand destruction amid a scarcity of crude and little spare capacity globally as the disruption to energy supplies from Russia as a result of financial sanctions and its attacks on Ukraine escalates, the head of Vitol Asia said March 6. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now “The world does not have enough spare capacity, the world doesn’t have enough crude either,” Mike Muller told the Gulf intelligence daily energy markets podcast. “The law of high prices is going to have to weed out the weaker demand and destroy it.” Crude prices have surged due to the escalating Ukraine crisis as traders seek crude alternatives from Russia, which is facing […]