Vitol, the world's largest oil trader, believes the crude price will struggle to trade above $60 a barrel next year, as the effects of slowing global demand growth could be compounded by a return of Iranian and maybe even Libyan barrels.
A global oil supply glut will persist through 2016 as demand growth slows from a five-year high and key Opec members maintain near-record output, the International Energy Agency said, even as low prices curb supply outside the producer group.
Oil prices are set to come under further pressure from easing global demand and an expanding glut of crude while a rebalancing of the markets may last well into next year, the West's Energy watchdog said on Friday.
Weak global demand and increasing supply is restricting price growth in Saudi Arabia’s petrochemical sector, said NCB Capital, a leading wealth manager and the kingdom’s largest asset manager.
Year-on-year growth in international passenger demand slowed to 3.8 per cent in March from the 5.8 per cent recorded in February, said the director general of the International Air Transport Association (Iata).
“The profile of the recovery