oil muller

Oil rally not over: Mike Muller. High oil prices are likely to lead to demand destruction amid a scarcity of crude and little spare capacity globally as the disruption to energy supplies from Russia as a result of financial sanctions and its attacks on Ukraine escalates, the head of Vitol Asia said March 6.

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Geneva March 7 2022: High oil prices are likely to lead to demand destruction amid a scarcity of crude and little spare capacity globally as the disruption to energy supplies from Russia as a result of financial sanctions and its attacks on Ukraine escalates, the head of Vitol Asia said March 6. “The world does not have enough spare capacity

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If this trend persists, the oil market is likely to swiftly move into deficit and push oil prices even higher at a time of soaring inflation. Although the US released oil from its strategic petroleum reserves last year, the move was "a small event," according to Muller.

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Mike Muller told the Gulf Intelligence daily energy webcast. "So, the discounts we are currently seeing in place for Russian crude oil