(Bloomberg) -- The expansion of artificial intelligence capabilities will augment the already significant algorithmic trading in oil futures markets, Vitol Group Chief Executive Officer Russell Hardy said.

“There’s always an arms race for that type of trading,” Hardy said at the CERAWeek by S&P Global conference in Houston on Monday.

For Vitol, the world’s largest independent oil trader, sees AI as more of a tool to boost efficiency by gathering data to create reports and draw conclusions faster — rather than some kind of “silver bullet to determine the future.”

“It’s a very valuable add on, but for us, it’s not going to change the business in the end because our business is a global business supplying customers with physical commodities,” Hardy said.

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