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Rising U.S. exports to depress oil prices – Vitol CEO

Rising U.S. oil exports will put oil prices under renewed pressure in 2018 but they could recover towards $60-$65 a barrel in the next two to three years, the head of Vitol, the world’s largest oil trader, said.

Ian Taylor, the chief executive of Vitol which is one of the largest lifters of oil from Iraq’s Kurdistan, also said he was concerned by the independence referendum that the semi-autonomous Iraqi region held last month.

“I hope they don’t go independent. All they ever said they wanted was to sit down with Baghdad,” Taylor said.
Source: Reuters (Reporting by Julia Payne; Writing by Dmitry Zhdannikov; Editing by Edmund Blair)

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