CEO of oil and gas trader Vitol, Russel Hard, was speaking at the Energy Institute conference on tuesday.
- crude oil expected to be fairly stable this year at around $80 a barrel,
- “The crude market is much less fragile than a couple of years ago,”
- Western sanctions on Russia “have been absorbed” in the market
More broadly:
- fossil fuel demand is set to plateau later than previously expected due to a slower pace of the energy transition
- “Oil demand has a good few number of years still to climb”
On natural gas, Hardy said that European households reduced their energy consumption by 10% to 12% this winter compared to pre-Ukraine war levels.
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Info via Reuters, here is a little more there.