Vitol CEO Russell Hardy stated on Monday that the recent slowdown in economic growth, both in China and worldwide, has had a negative impact on oil demand. Benchmark oil prices fell to a three-year-low of $68.33 per barrel last week, and traded below $70 on Monday.

Hardy, speaking at the CERAWeek conference in Houston, said that "China demand concerns and the global GDP have posed a small threat to the oil price over the past two or three month."

"I do not think that we will be in for a long period of low oil prices." We are likely to see a lower range of oil prices than in the past three or four years.

He said that oil prices will likely fluctuate from $60 to $80 per barrel.

Vitol predicts that global oil demand will rise until early 2030s, before it begins to decline due to factors like the wider adoption of electric cars.

He said, "In 2040, we'll see roughly the same level as oil demand today." (Reporting and editing by Mark Porter, Nia Williams and Georgina McCartney)

(source: Reuters)