ECONOMY


Vitol expects oil prices to rally further

Baku, February 25, AZERTAC

The world's largest energy trader says oil prices are set to rally further as OPEC output cuts and American sanctions on Iran and Venezuela cause a "shortage" of the low-quality heavy crudes refiners rely on.

"From here there's probably the potential to be a little bit higher," said Russell Hardy, chief executive officer of Vitol Group. "Oil supply is going to be pretty tight until the third quarter," he said.

 

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