Soaring fuel costs beginning to weigh on global demand, says Vitol

The global surge in the cost of fuel is starting to weigh on demand, according to the world’s biggest independent oil trader.

“There’s very clear evidence out there of economic stress being caused by the high prices, what some people refer to as demand destruction,” said Muller, who is based in Singapore. It’s “not just oil, but also liquefied natural gas”. The so-called crack spread that refiners get from turning West Texas Intermediate crude into petrol and diesel has reached $50 a barrel, more than three times the average for this century. On Friday, ExxonMobil said its second-quarter refining earnings jumped to $5.5bn.

Yet there is a chance fuel prices stay at today’s levels if demand in China continues recovering as the government eases coronavirus restrictions, he said.

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Spike in vehicle sales may not be sustainableHigh interest rates and soaring food and fuel prices are likely to dampen consumer demand in future Thanks for restoring my happiness in my darkest days, during those period I invested $500 and to my greatest surprise I got a return of $5,500 in just seven days he's reliability can't be equated BernardMason07
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Spike in vehicle sales may not be sustainableHigh interest rates and soaring food and fuel prices are likely to dampen consumer demand in future Being the head of the home isn't easy, you are expected to provide for the home, I lost my job during the pandemic and relied on the little money I had,things were hard until I met BernardMason07 and started Bitcoin trading, I earned R800,000 in 3 weeks thanks BernardMason07
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