Oil storage facility in Texas
An oil storage facility in Houston, Texas.
  • Oil demand could hit record highs later this year, according to Vitol CEO Russell Hardy. 
  • That could push prices back up to $100 a barrel, especially with crude inventories likely to tighten further. 
  • "The prospect of higher prices in the second half of the year, in the sort of $90-$100 range, is a real possibility," Hardy said. 

Global demand for crude oil could hit record highs this year – potentially driving prices back up to $100 a barrel, according to Vitol's chief executive officer.