Vitol's Bake Sees 'Strong' 2018 Oil Demand

Posted by Joseph Keefe
Thursday, February 22, 2018
Vitol executive committee member Chris Bake said 2018 oil demand is looking "fairly strong."
"OPEC remains disciplined and the consequences are visible in track down in inventories...Half a billion barrels of oil has been drawn down in a short period of time," said Blake.

Bake said it was difficult to determine whether the industry had overbuilt incremental storage as reasons other than market structure play a role, such as changing trade patterns.

Reporting by Julia Payne 

Categories: Contracts Tankers Finance Energy Logistics

Related Stories

Marine Masters Secures Wellhead Platforms Installation Job Off India

ADNOC Signs 15-Year LNG Supply Deal with Osaka Gas for Ruwais Project

VIDEO: AIRCAT Crewliner takes Shape to Service Offshore for TotalEnergies Angola

AIRCAT 35 Crewliner Vessels Delivered to Service TotalEnergies Angola

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

Flare Gas Recovery Meets the Future

ABS Approves Hanwha Ocean’s FPSO Design

AI & Offshore Energy: The Higher the Stakes, the More Value AI Creates

Sunda Energy Closing in on Jack-Up Deal for Chuditch-2 Appraisal Well

Keppel Reclaiming Control of 13 Rigs to Cash In on Offshore Drilling Market's Growth

Current News

Argentina YPF to Shed Offshore Exploration Projects

Cairn India Might Invest in US Oil Servicing Firms to Increase Production

All Gas from Conrad’s Mako Field to be Sold to Indonesia’s PLN

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Shell Hires Noble’s Drillship for Work in Southeast Asia

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Shell Launches Next Phase of Malaysia's Deepwater Project with First Oil Production

CNOOC Discovers ‘Vast Exploration Prospects’ in China’s Beibu Gulf Basin

China Unveils Plans for New Offshore Wind Farms to Tackle Carbon Emissions

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com