Brent crude may hit $100/barrel this year if OPEC+ continues output cut

THE crude price in the international market could hit $100 a barrel this year if OPEC+ (the Organization of Petroleum Exporting Countries) continues with its production cut, said Russell Hardy, chief executive of the world's largest energy trader, Vitol.

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Russell, speaking at the FT Commodities Global Summit in Switzerland's Lausanne, also mentioned that Vitol is expecting global growth of 1.9 million barrels a day this year, similar to 2023, with China, India, and jet fuel from increased air travel continuing to underpin growth.

"It's really a supply-constrained market, but we've averaged about $83/b so far this year, so $80 to $100/b feels like a sensible range for the market given OPEC's control of inventories around the world," said Hardy.