More Russian crude oil and products will head to Asian markets in 2023 while Europe will turn more to the Middle East to buy diesel, Vitol CEO Russell Hardy said on Tuesday.
Hardy also said tight energy markets would persist until demand slows.
“Its tough to see markets really giving up much ground until we see some abatement in demand. We are still really not back to 2019 demand levels for gasoline and jet fuel … all in all that’s fairly supportive of prices,” he told the Qatar Economic Forum in Doha hosted by Bloomberg.
“The one thing that everyone is concerned about is runaway prices which would make recessions more likely.”