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Vitol: Middle East flows limit oil to 200
The CEO of Vitol, a commodities trading company, confirmed that oil flows from the Middle East—amounting to approximately 12 million barrels per day of crude oil and two million barrels of refined products—have contributed to restoring balance in the global market and prevented prices from reaching $200 per barrel. He explained that the continuation of these flows over recent weeks has been crucial in meeting demand as winter approaches, especially given the depletion of Western inventories. Expectations remain that refining capacity and product supplies will continue to face shortages this winter due to the damage to infrastructure in Russia and disruptions to refining operations in the Middle East. Additionally, he noted that the G7's temporary withdrawal of 100 million barrels from strategic reserves will help support the market, amid a careful balancing of political considerations and global demand.
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