Vitol is the largest independent oil trading house and it's CEO says that prices will stay low for longer
Vitol's Ian Taylor heads up the oil trading house which trades around 5mbpd in crude and refined products.
Speaking to Bloomberg he says that the price of oil is to remain subdued for as long as 10 years and will probably sit in a $40-60 price band for that period, and that he finds it hard to see a dramatic price increase.
Overall he notes the main factors keeping prices suppressed, China, supply/demand and global growth. The interview is in video format so it's worth having a look as he gives a sensible view on the current situation.
Brent has sold off today on the general bad mood in the market and lack of any production news from the Saudi/Venez meeting. This interview will be adding to that mood also, given who's giving it.
Brent H4 chart
There's not a lot to disagree with in the interview. Of course one big kick off in the Middle East will yank prices up but that's an outlier. The global growth worries keep increasing and that's going to keep prices low. Even with productions cuts you won't increase demand so that issue won't be solved
