World’s Top Crude Trader Isn’t Ruling Out $200 Oil Just Yet
Ship-to-ship transfers in the Gulf of Oman that keep oil flowing from the Middle East provide a lifeline to Gulf producers and to the oil market, according to Russell Hardy, chief executive officer at the world’s biggest independent oil trader, Vitol Group. “Without it, you do have that $200-a-barre
Source: OilPrice.com
―
DW NOTE
Brent crude at $104 is already 40% above the five-year average, the Strait of Hormuz has been effectively closed for four days, and the IEA projects a 6% drop in global supply this year. The world's top crude trader saying he isn't ruling out $200 oil is like a meteorologist not ruling out rain while standing in a thunderstorm.