Vitol’s Mike Mueller Predicts Potential Improvement in Oil Market with China’s Growing Energy Demand

Vitol’s head of energy trading in Asia, Mike Mueller, said in the daily broadcast on the podcast platform of the consulting group “Gulf Intelligence” in Dubai that China’s energy demand still has room to grow, presenting a potential improvement in the oil market later this year, despite However, weak economic data continues to worry traders.

Bloomberg news agency today quoted Mueller as saying, “China in the medium term seems to be in relatively good shape.. I see that mobility data in China is good, even strong,” while diesel use in industry and freight is “a little more disappointing.”

China makes up for “a large part” of the global shortfall in jet fuel demand, which remains 250,000 to 300,000 bpd below 2019 levels.

Mueller added that the overall economic data from China “doesn’t give confidence” to the markets, causing oil prices to drop now, with traders waiting to see evidence of increased demand.