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Commodities trader Vitol Group said recently that global oil demand is growing and is expected to exceed pre-pandemic levels this year, and the global oil demand gap will continue to widen in the next 10 years
.
And limited investment in oil production will also widen the demand gap for years to come
.
"While global oil demand is expected to decline in the long term, it is likely to continue to increase over the next decade .
Given limited investment in production, the demand gap is expected to widen in the coming years ," said Russell Hardy, chief executive of Vitol Group
.
"While global oil demand is expected to decline in the long term, it is likely to continue to increase over the next decade .
Given limited investment in production, the demand gap is expected to widen in the coming years ," said Russell Hardy, chief executive of Vitol Group
.
Profits at Vitol Group benefited in part from a demand gap that had emerged last year, with revenue jumping to $279 billion last year from $140 billion in 2020 as oil inventories fell to multi-year lows
.
.
Total daily trade in crude oil and petroleum products reached 7.
6 million barrels last year, Vitol Group said
.
6 million barrels last year, Vitol Group said
.
