Vitol CEO Sees Oil Recovery This Year After Big Slump From Virus

The video discusses the impact of market volatility and a significant demand loss of 200 million barrels in the first quarter. It highlights the market's response, including price adjustments and supply cuts, particularly in Venezuela and Libya. The discussion also covers the role of OPEC in rebalancing the market and the potential for price recovery. Optimism for the second half of the year is expressed, with expectations of a price range between $60 and $70, contingent on developments in Libya and OPEC's actions.

What factors have contributed to the loss of 200,000,000 barrels of demand in the first quarter?

How has the market responded to the news regarding oil demand and prices?

What optimistic outlook is presented for the second half of the year?

What is the expected price range for oil in the coming months according to the discussion?

What measures is OPEC considering to address the supply-demand imbalance?