OPEC+ higher quotas, SPR releases may compensate for loss of Russian crude: Vitol’s Muller

The OPEC+ agreement for higher quotas in July and August and continued release of oil from the US government’s Strategic Petroleum Reserve may compensate for the loss of Russian crude, the head of Vitol Asia said, as the European Union undertakes a phased ban on seaborne oil imports from Moscow. “Crude output of Russia is still level pegging with what…