Hardy Takes Over as Vitol CEO
Ian Taylor, who helped build Vitol into the world's biggest oil trader, will step down as chief executive and continue as chairman, the company said on Friday, naming a long-time ally and insider, Russell Hardy, as the new group CEO. Taylor said two years ago he was battling cancer although he continued to travel the world, chasing deals from Africa…
IMO Rules a Cliffhanger for Oil Storage -Vitol's Chris Bake
Vitol executive committee member Chris Bake says a big question facing oil storage sector is how world handles new International Maritime Organisation rules for cleaner shipping. New IMO rules to slash the use of high sulphur fuel oil in global shipping will come into effect in 2020. "It's going to be more and more difficult to burn that fuel oil with more economies going to natural gas for power," he said.
Vitol's Bake Sees 'Strong' 2018 Oil Demand
"OPEC remains disciplined and the consequences are visible in track down in inventories...Half a billion barrels of oil has been drawn down in a short period of time," said Blake. Bake said it was difficult to determine whether the industry had overbuilt incremental storage as reasons other than market structure play a role, such as changing trade patterns.
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply glut - raising hopes for steadily rising per-barrel prices. It hasn't worked out that way.
Vitol: Oil Market Not Seeing 'destocking'
The oil market has not seen the destocking that it expected for the first half of 2017, Vitol executive committee member Chris Bake said on Thursday. Bake told the S&P Global Platts Crude Oil Summit that while oil inventories were shifting, with cargoes moving from the Atlantic Basin into Asia, the overall drawdown that many hoped for amid OPEC-led production cuts had not yet materialised.
Vitol Bets on Retail Model as it Hopes to Grow
Vitol invests in gas stations from Turkey to Pakistan; increases presence in growing consumer markets. From Pakistan to Turkey, the world's largest independent oil trader Vitol is betting on a spike in gasoline and diesel demand in young and growing nations by snapping up filling stations that disappointed oil companies are prepared to sell. With the sharp drop in global oil prices…
Buckeye to Acquire 50% of VTTI Marine Terminal
Buckeye Partners LP, which operates pipelines and other transportation and storage assets for liquid petroleum products, said it bought a 50 percent stake in the marine terminal company VTTI BV for $1.15 billion. VTTI is a unit of Vitol Group. The deal is expected to close in early January 2017. VTTI will be 50% indirectly owned by Buckeye and 50% indirectly owned by Vitol.
Oil Eases as Oversupply Impacts Markets
U.S. oil rises 2 pct despite oversupply; surplus conditions to keep gains in check. Oil prices eased on Tuesday, dragged lower by a broad decline across major financial markets and by a growing expectation that global demand will not grow quickly enough to erase the overhang of unwanted crude any time soon. The world will store unwanted oil for most of 2016 as declines in U.S.
Vitol Now Sees Global Demand Growing 1 Million bpd
The world's top oil trader Vitol sees global oil demand growing by up to 1 million barrels per day (bpd) in 2016, sharply decelerating from last year as the effect of low oil prices fades. Vitol executive member Chris Bake said at an industry conference in London the Swiss-based trader expects global oil demand to grow by 800,000 to 1 million bpd this year due to slowing demand in developing markets such as China and India.
Africa's "sweet spots" Still Viable After Price Rout
"Sweet spot" exploration to go ahead despite price drop; Frontier projects, such as pre-salt suffer most. African oil explorers will keep drilling in select locations such as onshore east Africa and less complex projects off the West African coast even with oil at $60 a barrel, executives and analysts told Reuters. But they warned that African governments…
