He said spare oil capacity, about 2 million to 3 million bpd, would tighten next year as the market steadily eats into it. There’s not an enormous amount of spare refining capacity to produce more products," Hardy said. "Crude inventories are low, backwardation in the crude market is by and large justified, product inventories are also very low. The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, decided to stick to a plan to progressively increase production by 400,000 barrels per day (bpd) each month, ignoring U.S. Over the last few months, several analysts and oil major CEOs have said they see the potential for such levels owing to underinvestment in new output and depleting fields. "The possibility of a spike to $100 per barrel is clearly there," Hardy said, adding he did not see an SPR release dramatically changing dynamics. Vitol Chief Executive Russell Hardy said the market looked reasonably tight for the next 12 months as demand returns to normal with easing COVID-19 restrictions. Strategic Petroleum Reserve (SPR) may be authorised as oil prices soar. energy secretary Jennifer Granholm said this week that a sale from the U.S. strategic oil stocks release will only relieve stress in the market for the year-end but 2022 will remain tight, Vitol's CEO told the Reuters Commodities Summit.
LONDON, Nov 9 (Reuters) - Any potential U.S.
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