Multi parties cooperation is the best solution for oil industry , Said by the world oil trader Vitol Russell Hardy

During the novel coronavirus pandemic, the prude oil industry has been catastrophically influenced by the big drop in demand, leading to the worst situation for producers over generations. It still remains uncertain over how the situation will unfold in terms of supply, demand, price, transportation, environment and other factors in the latter half of the year. At best, the industry believes the massive overhang of crude oil currently stockpiled around the world will start to draw by the end of the year. As the chief executive of major oil trader Vitol Russell Hardy expected optimistically, the market was slowly chewing through that excess inventory and about 300 million barrels have been drawn down from this year’s peak. Hardy was one of the more bullish speakers at the APPEC event, but even his scenario is for a return to “normal” in a year’s time. To conclude, no matter how hard the recovery will be in oil industry, energy transition is in crying need of being pushed forward under the corporation of multiple parties and make solid steps towards the energy security system based on the balance between supply and demand.