World's Largest Oil Trader: OPEC+ Continues To Call The Shots On Oil Prices

OPEC+ will remain the leading factor in oil price movements in the next few months, a senior Vitol executive told the media, as quoted by Bloomberg. “Control of pricing is very much in the hands of OPEC+,” said Mike Muller, the head of Vitol’s Asian operations. In the United States, he said, “the rig count is simply not there for production to catch up in a way that would be necessary if you needed extra oil.” That’s quite a table-turning from just three years ago when the U.S., thanks to its second shale…