LONDON, May 11 (Reuters) - Vitol executive committee member Chris Bake said that the oil market has not seen the crude destocking they were expecting for the first half of 2017.
Bake told the S&P Global Platts Crude Oil Summit on Thursday that while oil inventories were shifting, with cargoes moving from the Atlantic Basin into Asia, the overall drawdown that many hoped for amid OPEC-led production cuts had not yet materialised.
“This 550 million barrel-plus inventory build of crude and products that started in 2014 is still very much there,” Bake said. “How much is tertiary or strategic, how much is going to come out, that is an ongoing debate among all of us.”
Vitol, the world’s largest oil trading house, moved a record 7 million barrels per day of crude and oil products last year. (Reporting by Julia Payne, Libby George and Amanda Cooper; editing by Jason Neely)