LONDON May 11 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
"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)