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<ul class="summary-list"><li>Soaring fuel costs are weighing on demand, according to leading oil trader <keyword id="13543528" type="UNKNOWN" weightage="60" keywordseo="vitol" source="Orion">Vitol</keyword>. </li><li>"There's very clear evidence out there of economic stress being caused," <keyword id="14363404" type="UNKNOWN" weightage="60" keywordseo="mike-muller" source="Orion">Mike Muller</keyword> said. </li></ul>Global fuel prices are surging, but consumers are getting squeezed and it's already starting to erode demand, according to leading oil trader Vitol. Speaking on <a href="https://www.youtube.com/watch?v=ZOcVBN6hHLo">podcast</a> hosted by Gulf Intelligence on Sunday, Vitol's head of Asia and other oil products Mike Muller said: "There's very clear evidence out there of economic stress being caused by the high prices, what some people refer to as demand destruction."<keyword id="11994710" type="UNKNOWN" weightage="60" keywordseo="gas-prices" source="Orion">Gas prices</keyword> are soaring as Western sanctions on Russian <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> have cut supply of refined products and there's <a href="https://markets.businessinsider.com/news/commodities/russia-energy-natural-gas-europe-prepare-complete-cut-off-iea-2022-6">a growing possibility of an even bigger drop-off in Russian output</a>. It's been worsened by <a href="https://markets.businessinsider.com/news/commodities/us-gas-prices-oil-refinery-bottlenecks-crisis-russia-coronavirus-china-2022-6#:~:text=US%20gas%20prices%20have%20surged,run%2Dup%20in%20fuel%20costs.">operational struggles at refineries</a> after the impact of COVID-19 and years of under-investment in the industry, Muller said. A "high flat price will continue to trim away at demand and cause demand growth assumptions to be lower," he said. In the US, the national average for a gallon of regular gasoline is $4.81, compared with last year's $3.13, <a href="https://gasprices.aaa.com/">according to data from the AAA</a>. The rise in costs is a factor ultimately driving red-hot inflation in across the country, in which inflation rose by 8.6% through May to reach its highest in 41 years. President Joe Biden on Thursday didn't appear to be able to offer much in the way of relief for American drivers, however, saying there may be <a href="https://www.businessinsider.com/biden-high-gas-prices-will-continue-defeat-putin-russia-ukraine-2022-6?IR=C">no end in sight to rising fuel costs</a>. High gas prices will continue for "as long as it takes," to punish <keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> for its invasion of <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>, he said. He's also slammed oil companies like<a href="https://www.businessinsider.com/bidens-gas-prices-inflation-exxon-big-oil-profits-saudi-arabia-2022-6"> ExxonMobil</a> for reeling in huge profits as ordinary people pay hefty prices at the pump. Addressing Asia, Muller doubts that China, which is a huge exporter of refined products, will increase their export quotas in the near future meaning gas prices may stay high."More Chinese export quotas would be welcomed by the market and would do something to normalize those margins, but my view, history tells us the last few months we'd be disappointed - the next book projects have not been increased," Muller said.

Soaring fuel prices are already causing demand destruction, according to the world's biggest oil trader

<ul class="summary-list"><li><keyword id="13543528" type="UNKNOWN" weightage="60" keywordseo="vitol" source="Orion">Vitol</keyword> said <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> prices are lower than expected given the risks to supply from the Russia-Ukraine war.</li><li>Vitol's Mike Muller said that over 2 million barrels of oil a day might be lost from Russia in Q2 and into Q3.</li></ul>The world's biggest oil trader said the energy market is showing people are not quite as concerned about the risk to crude supply from Russia's war in Ukraine.Vitol, which trades more crude oil than any other company, said prices were lower than expected given the threats of disruption to Russian energy exports. Russia is the world's third-largest producer of crude oil. "A large number of people do feel that oil prices could be higher considering the current risk of disruption to supplies from Russia due to sanctions," said Vitol's Mike Muller in a Sunday <a href="https://twitter.com/gulf_intel/status/1510529492023971840">podcast with Gulf Intelligence</a>. "But people are still lost figuring out those numbers."The US and UK are banning imports of Russian oil and gas, but the European Union has yet to take any concrete action, given how much it depends on Russia for fuel. Traders have avoided booking cargoes of Russian oil since the start of the conflict in late February and the shortage is already making itself felt across the global energy market.Muller said a few million barrels of oil a day from Russia may be lost due to sanctions and other disruptions and oil was trading relatively cheaply, given the potential supply squeeze, should tougher restrictions come into force."We're getting numbers somewhere north of 2 million barrels per day perhaps for the latter half of Q2 and into Q3," Muller said.However, some of the heat has come out of the market of late, as surging cases of COVID in China have led to lockdowns in major cities like Shanghai and Shenzen, which has threatened the <keyword id="6358993" type="UNKNOWN" weightage="60" keywordseo="demand" source="Orion">demand</keyword> outlook. Furthermore, the United States has just agreed to release the equivalent of 1 million barrels of oil per day for the next six months from its strategic reserves and other countries are set to follow suit."A combination of those two things really rubbed out any concerns over supply shortages in terms of losses out of Russia," Muller said.The International Energy Agency also said on April 1 it would go ahead with a second emergency release of oil reserves.Meanwhile, other <keyword id="13451194" type="UNKNOWN" weightage="60" keywordseo="oil-supply" source="Orion">oil supply</keyword> limitations persisted. The OPEC+ group of exporters, which includes Russia, stuck to their existing plan to jointly raise output by 400,000 barrels per day this coming month, Muller said, despite the potential for disruption."There was a global stock draw that the world is predicting on the basis of OPEC+ continuing to hold their line, not least because there is very little extra production available out of anywhere than core OPEC these days," he said.The Iranian nuclear deal also looks less likely in the coming future, Muller said. This would have allowed Iran to fully resume oil production and exports after years of sanctions."Everyone was expecting the return of Iranian supplies," he said. "I think nobody believes that is going to happen in Q2 and it looks less likely than it was a few weeks back for various reasons," he said.Brent crude oil had surged to a high of almost $140 per barrel while WTI crude was at $130 per barrel following Russia's attack on Ukraine on February 24. Prices have since eased back towards $100 a barrel.

The world's biggest oil trader says the energy market reflects less concern about a supply crunch from the Russia/Ukraine war

<ul class="summary-list"><li>Two European <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> companies are expected to start importing Venezuelan <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword>, Reuters reports. </li><li><keyword id="12110530" type="UNKNOWN" weightage="60" keywordseo="venezuela" source="Orion">Venezuela</keyword> has the world's largest oil reserves but hasn't been allowed to ship to <keyword id="11897120" type="UNKNOWN" weightage="60" keywordseo="europe" source="Orion">Europe</keyword> since 2019.</li></ul>Venezuela is expected to start shipping oil to Europe as soon as next month, <a href="https://www.reuters.com/business/energy/exclusive-us-let-eni-repsol-ship-venezuela-oil-europe-debt-sources-2022-06-05/">sources told Reuters</a>, as the continent continues to cut out Russian energy.Five people familiar with the matter told Reuters that Italian oil company Eni and Spain's Repsol could start importing Venezuelan crude as early as next month, resuming supplies halted after the US imposed <a href="https://home.treasury.gov/policy-issues/financial-sanctions/sanctions-programs-and-country-information/venezuela-related-sanctions">sanctions in 2019</a>.The sources said the amount of oil was likely to be small and wouldn't affect global oil prices, which are <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">hovering near 14-year highs</a>.The agreement would allow oil to be shipped in exchange for reducing debt racked up by the Venezuelan government as <a href="https://www.businessinsider.com/venezuela-inflation-rate-hyperinflation-2018-11">its inflation rate reached stratospheric levels in 2018</a>.According to BP, <a href="https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/energy-economics/statistical-review/bp-stats-review-2021-full-report.pdf">Venezuela has the world's biggest oil reserves</a>. The US has gradually sanctioned Venezuelan companies and individuals over the years for <a href="https://sgp.fas.org/crs/row/IF10715.pdf">money laundering and terrorism activities</a>.Sources told Reuters it was hoped the loosening of restrictions would encourage Venezuelan president Nicolas Maduro to restart talks with Venezuela's opposition <a href="https://www.businessinsider.com/venezuela-juan-guaido-inside-stratospheric-rise-of-opposition-2019-3">following an attempted coup</a>.Other companies including Chevron, India's Oil and Natural Gas Corp and France's Maurel &amp; Prom had also lobbied the US government to accept debt-for-oil swaps but they had not yet succeeded.European countries are racing to find other sources of oil to replace Russian supplies. It had been the biggest<a href="https://ec.europa.eu/eurostat/statistics-explained/index.php?title=EU_imports_of_energy_products_-_recent_developments"> exporter of oil to the continent</a>.<a href="https://www.europe1.fr/emissions/Le-grand-rendez-vous/extrait-bruno-le-maire-anticipe-un-retour-de-linflation-a-un-niveau-raisonnable-des-2023-4115713">In an interview with Europe1</a> on Sunday, French finance minister Bruno Le Maire said Paris was talking to the United Arab Emirates about replacing some Russian oil and diesel.Meanwhile, the US is also expected to allow more oil to flow from <keyword id="12062557" type="UNKNOWN" weightage="60" keywordseo="iran" source="Orion">Iran</keyword>, another sanctioned country, Mike Muller of Vitol <a href="https://twitter.com/gulf_intel/status/1533335911722647552?s=20&amp;t=sksfSJOoYPPH6syjwmBhkA">told a podcast</a> produced by Gulf Intelligence on Sunday.Eni and Repsol didn't immediately respond to a request for comment.

Oil from sanctioned Venezuela to help Europe replace Russian crude as soon as next month: report

<ul class="summary-list"><li><keyword id="11894337" type="UNKNOWN" weightage="60" keywordseo="russia" source="Orion">Russia</keyword> produced about 11 million barrels of crude <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">oil</keyword> a day before it invaded <keyword id="11985141" type="UNKNOWN" weightage="60" keywordseo="ukraine" source="Orion">Ukraine</keyword>.</li><li>It exported 7 million barrels of its daily production.</li></ul><keyword id="12754126" type="UNKNOWN" weightage="60" keywordseo="sanctions" source="Orion">Sanctions</keyword> against Russia have knocked 1 million barrels of crude oil off its production each day — but that's just a "drop in the ocean compared to the intended impact," according to Mike Muller, the Asia head of <keyword id="13543528" type="UNKNOWN" weightage="60" keywordseo="vitol" source="Orion">Vitol</keyword>, the world's biggest independent crude trader.Russia was producing about 11 million barrels of crude oil a day until it invaded Ukraine in late February. Of that, it exported about 7 million barrels a day. But sweeping sanctions and boycotts of its products have disrupted trade and cut demand, forcing Russia to cut its supply. The <a href="https://markets.businessinsider.com/news/commodities/eu-russian-oil-ban-crude-refined-ukraine-sanctions-economy-putin-2022-5">European Union</a> is also planning a total ban on Russian crude."If only one million barrels per day of that has gone missing so far, before the EU shuts the door on Russia crude — if, they indeed succeed in getting unanimity over there — that's indeed not the intended consequence of sanctions," Muller told Dubai-based <a href="https://soundcloud.com/user-846530307/podcast-daily-energy-markets-may-8th">Gulf Intelligence,</a> an <keyword id="11917806" type="UNKNOWN" weightage="100" keywordseo="energy" source="Orion">energy</keyword> trade podcast. <a href="https://markets.businessinsider.com/news/commodities/oil-russia-traders-ukraine-war-brent-markets-crude-eu-2022-4">Vitol</a> said last month it would stop trading Russian oil by the end of 2022.<a href="https://markets.businessinsider.com/news/commodities/russia-oil-gas-coal-fossil-fuel-exports-revenue-ukraine-war-2022-4">Russia made $66 billion</a> from fossil fuel exports in the two months since it invaded Ukraine, according to a <a href="https://energyandcleanair.org/wp/wp-content/uploads/2022/04/Fossil-fuel-imports-from-Russia-first-two-months-of-invasion.pdf">report by the Centre for Research on Energy and Clean Air</a> released last week. The revenue was about half the $147 billion it recorded for the whole of 2021 as energy prices have surged this year.There are still many countries in Asia, Africa, and Latin America that have not imposed sanctions against Russia, Muller said in the podcast."Many, many pieces of the world economy are sitting on the fence — and notably the two biggest countries population-wise in the world are continuing to find ways of accessing Russian oil," he said, referring to <a href="https://markets.businessinsider.com/news/commodities/russia-crude-oil-west-sanctions-china-india-2022-3">China and India.</a>Despite the appearance of resilience, Russia's energy sector is likely to come under further stress as the European Union plans to ban oil from the country. <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/050822-crude-supply-cuts-from-russian-sanctions-just-a-drop-in-the-ocean-vitols-muller">S&amp;P Global</a> expects Russia's crude oil output to face "peak disruptions" in August, falling by about 2.8 million barrels a day.

Sanctions have forced Russia to cut its oil output by 1 million barrels a day. That's a 'drop in the ocean,' says the world's largest independent oil trader.

<ul class="summary-list"><li>The US is likely to turn a blind eye to the trading of sanctioned Iranian oil ahead of the midterms, a top trader has said.</li><li>A <keyword id="13543528" type="UNKNOWN" weightage="60" keywordseo="vitol" source="Orion">Vitol</keyword> executive said he thinks governments are unlikely to reach a new nuclear deal but Iranian exports may increase anyway.</li></ul>The US is likely to start turning "a blind eye" to the sale of sanctioned Iranian oil as the White House scrambles to bring down <keyword id="11994710" type="UNKNOWN" weightage="60" keywordseo="gas-prices" source="Orion">gas prices</keyword>, according to an executive at Vitol, the world's leading <keyword id="11917806" type="UNKNOWN" weightage="60" keywordseo="energy" source="Orion">energy</keyword> trader.Mike Muller, head of Asia at Vitol, said on a podcast on Sunday that global governments are unlikely to agree upon a new Iranian nuclear deal any time soon, meaning the tough oil restrictions on the country are set to continue.Iran has the capacity to produce some 3.8 million barrels of oil per day, according to the International Energy Agency. At the last count, it produced 2.55 million barrels per day in March, IEA data <a href="https://www.iea.org/reports/oil-market-report-may-2022">shows</a>. Prior to the introduction of sanctions, it would export just over 2 million barrels per day, according to the Joint Organisations Data Initiative.Muller said traders may start to see more oil coming from Iran on to the market anyway."If the midterms are dominated by needing to keep gas prices low in America, turning a somewhat greater blind eye to the sanctioned barrels flowing out, and competing with Russia for that matter, is probably something that you might expect to see," Muller told the <a href="https://soundcloud.com/user-846530307/demf-june-5">Gulf Intelligence podcast</a>."There's a chance that Uncle Sam might just allow a little bit more of that oil to flow," Muller said. Insider had contacted the US Treasury for comment.Gas prices have shot upwards in recent months as crude has rocketed on the back of Russia's invasion of Ukraine in late February.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a>, the US benchmark oil price, has risen almost 60% this year to trade at around $118 a barrel Monday.Meanwhile the US national average gas price has jumped to a record high of $4.865 a gallon as of Monday, according to <a href="https://gasprices.aaa.com/">the AAA</a>.US President <keyword id="99719" type="UNKNOWN" weightage="60" keywordseo="joe-biden" source="Orion">Joe Biden</keyword> has argued the jump in prices are out of his control, but they nonetheless pose a grave danger to Democratic chances at the midterm elections in November.The White House is increasingly turning to major oil-producing countries to encourage them to increase supplies.The Biden administration has given the green light for European companies to begin moving Venezuelan oil to Europe, <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Reuters reported</a> Sunday, citing five people familiar with the matter.It comes as the EU thrashes out <a href="https://markets.businessinsider.com/news/commodities/oil-price-today-brent-wti-eu-ban-embargo-russian-imports-2022-5">a deal to ban 90%</a> of Russian crude imports by the end of the year as part of its sixth round of sanctions.Biden himself is expected to travel to Saudi Arabia for high-level talks in the next two months, according to reports.Read more: <a href="https://www.businessinsider.com/stock-market-crash-why-commodities-have-more-room-to-run-up-gs-says-2022-5">Goldman Sachs is bullish on real assets as the stock market slumps — analysts spell out why and reveal which ones are set to rise in value the most</a>

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Soaring fuel prices are already causing demand destruction, according to the world's biggest oil trader

Zahra Tayeb

The world's biggest oil trader says the energy market reflects less concern about a supply crunch from the Russia/Ukraine war

Hamza Fareed Malik

Oil from sanctioned Venezuela to help Europe replace Russian crude as soon as next month: report

Ryan Hogg

Sanctions have forced Russia to cut its oil output by 1 million barrels a day. That's a 'drop in the ocean,' says the world's largest independent oil trader.

Huileng Tan

The US is likely to turn a blind eye to sanctioned Iranian oil as it tries to lower gas prices, leading trader Vitol says

Harry Robertson

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