According to the world’s biggest independent oil trader, Vitol, global crude producers are set to take prices on a bumpy ride this year in wake of uncertainty around the US President Trump’s policies, Bloomberg reports.
Kho Hui Meng, the president of Vitol Asia Pte., said in an interview in Singapore, “I think this market is going to be very volatile. People are worrying about U.S. policy. With the new administration, a lot of things are being speculated. So we can’t predict the future, we just have to wait.”
Vitol’s Kho added, “The structure is now ‘quite flat so people are still watching’. Once the backwardation comes in, which we’re not there yet, then people begin to look at the viability of the floating storages and ultimately they’ll come out.”
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