World's Largest Oil Trader: OPEC+ Rules Oil Markets

OPEC+ is gaining the upper hand as a trendsetter on global oil markets, Vitol’s head of operations for Asia, Mike Muller, said as quoted by Bloomberg this weekend. “There’s a perception in the market that control is with OPEC+,” Muller said at an industry event. “It will take a long time for U.S. oil to come back” to pre-pandemic production levels. OPEC+, meanwhile, has around 6 million bpd in spare production capacity amid the cuts, Bloomberg reports. The latest sign that OPEC+ is in control of oil markets came…