APPEC-Global oil supplies to improve on refinery maintenance -Vitol exec
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SINGAPORE : Global oil supplies are expected to improve in the next six to eight weeks because of refinery maintenance, although supplies of sour crude will stay tight, said Russell Hardy, chief executive of the world's largest independent oil trader, Vitol.
Speaking at the APPEC conference in Singapore on Monday, Hardy said sour crude economics will remain stronger than sweet because of the OPEC+ cuts.
"Because of the OPEC+ cuts, there's not sufficient supply (of sour crude) for all these complex refineries in India, Kuwait, Jizan, Oman and China," he said.
"They all want to buy sour crude, but it is not really a Western supply, it is mainly from the Arab Gulf. There are too many customers and not enough material to go around."
Hardy also said Brent oil prices have been "pretty stable" trading between $72-$88 per barrel for nearly a year. Price volatility is coming from the products market rather than crude, he said.
