Vitol CEO Russell Hardy said that he expects global oil prices to move in a lower range than over the past three to four years due to recent soft economic growth in China and globally that has weighed on demand.

 

Benchmark oil prices hit a three-year low of $68.33 a barrel last week and were trading below $70 a barrel.  

 

"Over the last two or three months, China demand concerns and global GDP are posing a little bit of a threat to oil prices," Hardy said at the CERAWeek energy conference in Houston.

"I don't think we are in for a very long period of bearish oil prices... But we are in for a slightly lower range than we have seen over the last three to four years."

 

Oil prices would likely fluctuate between $60 and $80 per barrel, he said. 

 

Vitol expects global oil demand to rise until the early 2030s before slipping due to factors such as the broader adoption of electric vehicles.

 

"But in 2040 we will see about the same level of oil demand as today," he said. -Reuters