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Vitol, the world’s best oil trader, sees OPEC + controlling the crude market



OPEC + appears to be controlling crude oil prices as U.S. production lags behind pre-pandemic levels, according to a senior executive at the world’s largest independent oil trader, Vitol Group.

The decline in US drilling and production leaves little competition for the group’s efforts to manage markets, said Mike Mueller, Asia’s chief executive at Vitol, during an online conference on Sunday. Crude Brent closed at more than $ 70 a barrel last week for the first time in two years as buyers sought more oil than producers pumped.

U.S. oil producers still use only half of the platforms they used before the coronavirus. Meanwhile, OPEC +, as the group, led by Saudi Arabia and Russia, is known, is releasing the barrels back to the market until demand recovers.


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