DUBAI: Asia will lead oil demand growth of around 2 million barrels per day (bpd) in second half of year, senior executive at Vitol said, an increase that could potentially lead to shortage of supply and drive up prices.

International benchmark Brent crude has fallen to around $ 75 a barrel from peak of nearly $ 140 in March last year, just after disruption caused by oil producer Russia’s invasion of Ukraine. Prices have drawn support from output cuts by some members of Organisation of Petroleum Exporting Countries and allies, including Russia, announced in April.

“We are going into second half of year where, largely thanks to Asian demand growth, world is going to need about 2 million bpd more than it needs now,” Mike Muller, Vitol Asia President, told Middle East Petroleum and Gas Conference.

Published in The Daily National Courier, May, 24 2023

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