Vitol CEO Says it is Difficult to Predict Oil Market Balance This Year

The head of the world’s largest independent oil trader said on Monday that it has been difficult trying to predict market balances this year because of uncertainty with Russian supply and Chinese demand.

The market is in slight oversupply with Russia beating earlier expectations of a supply loss because of western sanctions imposed on its exports, Vitol’s Chief Executive Officer Russell Hardy said at the Energy Asia conference.

While there were signs in the first quarter that China’s oil recovery is coming, it has stalled due to economic headwinds, he added.