If this trend persists, the oil market is likely to swiftly move into deficit and push oil prices even higher at a time of soaring inflation. Although the US released oil from its strategic petroleum reserves last year, the move was "a small event," according to Muller.

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Mike Muller told the Gulf Intelligence daily energy webcast. "So, the discounts we are currently seeing in place for Russian crude oil 

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Oil rally not over: Mike Muller. High oil prices are likely to lead to demand destruction amid a scarcity of crude and little spare capacity globally as the disruption to energy supplies from Russia as a result of financial sanctions and its attacks on Ukraine escalates, the head of Vitol Asia said March 6.

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Geneva March 7 2022: High oil prices are likely to lead to demand destruction amid a scarcity of crude and little spare capacity globally as the disruption to energy supplies from Russia as a result of financial sanctions and its attacks on Ukraine escalates, the head of Vitol Asia said March 6. “The world does not have enough spare capacity

Oil demand in China, the world's largest user, is unlikely to be hit this year by the pandemic as much of the country is still energy 

OPEC+, which has been increasing its oil production quota by 400,000 b/d per month since August, is struggling to meet these ceiling levels and that will only compound the supply-demand problem, given that the US oil production capacity has yet to hit pre-pandemic figures, Muller added.

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Nov 07,  · The increase in Aramco's OSPs was "larger than expected," particularly to Asia, Muller said. "They went further than anybody expected and that was immediately seen as a signal to those who critiqued OPEC+ for not putting enough oil in the market that the Saudis felt they can indeed make higher prices stick," Muller said.

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