Big oil traders Vitol and Trafigura see demand destruction

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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