Larger-than-expected rise in prices is a signal it will resist US pressure, oil trader Vitol says
Saudi Arabia's energy minister Abdulaziz bin Salman at Opec's headquarters in Vienna, Austria. Picture: REUTERS/LEONHARD FOEGER
“They are unlikely to change stance,” Mike Muller, the head of Asia for Vitol, the world’s biggest independent oil trader, told Bloomberg on Sunday. Aramco “went further than anyone expected”, Muller said earlier on a webinar hosted by Dubai-based consultancy Gulf Intelligence. “That was a signal to those that were critiquing Opec+ for not putting enough oil on the market. The Saudis felt they can indeed make higher prices stick.”
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