Global oil traders Vitol and Trafigura expect the resurgence of coronavirus across Europe and the US to hurt fuel demand, according to Reuters news.
Key quotes
Trafigura’s Executive Chairman & Chief Executive Officer Jeremy Weir said a second virus wave would see oil demand destruction at about 1 million barrels per bay (bpd) in the United States and 1.5 million bpd in Europe,
Vitol CEO Russell Hardy said the latest European lockdowns definitely will affect demand by half a million barrels a day across Northwest Europe.
Vitol’s Hardy foresees Asia’s oil demand rising by about 1 million bpd over the next few years.
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