Oct. 3 (Bloomberg) -- Oil markets may be “tight” next year as consuming countries draw on crude and product inventories, according to the head of trader Vitol Group’s Middle East operations.
Markets are “balanced to tight,” Vitol’s Chris Bake said in Dubai today. While there is currently enough excess production capacity to meet demand, prices may rise next year if Organization of Petroleum Exporting Countries members don’t boost output, he said.
Prices will also depend on how quickly Libya can restore crude production after violent uprisings there and whether economic growth strengthens, he said at the Conference Connection’s Middle East Petroleum and Gas Conference.
--Editors: Rob Verdonck, Rachel Graham
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