Commodity trading major Vitol expects crude oil prices to rise further as U.S. sanctions on Venezuela and OPEC production cuts squeeze the global supply of heavy crude, Vitol’s chief executive, Russell Hardy, told Bloomberg in an interview . “From here there’s probably the potential to be a little bit higher,” Hardy said. “Oil supply is going to be pretty tight until the third quarter.” Venezuela, Iran, and the rest of OPEC are the factors that will drive this price rise, the first two not so voluntarily, but the latter consciously cutting mostly production of heavier grades rather than lighter ones. At the same time, demand for heavy crude is set to grow further as refiners gear up for the new International Maritime Organization rules on maritime vessel emissions. According to Hardy, the squeeze on heavy crude oil supply, however, will only last for the next six months or so, […]