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Gunvor manager sees little oil need growth

The chairman and cofounder of Gunvor, one of the world's biggest oil traders, said on Tuesday there is little development in oil need and the market is probably overinvesting somewhat.

Oil need development this year will likely be around 500,000 barrels each day (bpd), Torbjorn Tornqvist told journalists on the sidelines of an industry event in Abu Dhabi.

That would be down from development of around 2 million bpd in 2022-23, according to the International Energy Firm.

Demand growth next year will likely be in between 500,000 and 1 million bpd, some of which will be melted petroleum gas (LPG). and other oil items and not necessarily crude, said. Tornqvist, who is also Gunvor's chief executive.

Tornqvist said no one was worried about an absence of any type. of hydrocarbons today, adding that the marketplace reacted well. after the shocks of Russia's full-scale intrusion of Ukraine.

On alternative energy sources, Tornqvist stated the rate of. producing blue and green hydrogen was expensive. Blue hydrogen is. made from natural gas, with the resulting emissions captured,. while green hydrogen is produced using eco-friendly power.

Tornqvist likewise stated the economics of NEOM Green Hydrogen. Company's Saudi Arabian green hydrogen task simply doesn't. work.

(source: Reuters)