Vitol Group: Sharp drop in oil prices in H1

Vitol Group: Sharp drop in oil prices in H1

Published at: 2015-02-12 10:32 | Author: CIJ Journal
Vitol Group is predicting oil prices, already low, will fall even further in the near-term. Barrel prices have dropped 61 percent since June 2014. Ian Taylor, CEO and president of Vitol Group, the world’s largest independent oil trader, said that growing supply in the US will continue pushing prices down. “As US oil production continues to grow, it’s extremely difficult to judge if the oil price has hit the bottom,” says Taylor. He adds that as supply continues to surpass demand, the oil market could see some “dramatic moments” in the first half of the year.

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