Oil Demand Growth In Asia To Rise In Second Half - Vitol

Vitol says oil demand will go up in the second half of 2021. They predict as much as 2 million more barrels per day will be needed. This is because Asian growth will lead to more demand for oil.

Mike Muller, Vitol Asia's president, said at the Middle East Petroleum and Gas conference in Dubai that the world will need 2 million bpd because of Asian demand growth in the second half of the year.

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Muller said that there will be a rise in demand during certain seasons. This will lead to stock draws. As a result, there will be less excess supply available.

He thinks that the oil market will be affected by constructive factors. He does not think a full recession will occur. If a recession does occur, it will be mild.