Vitol reports 14M barrels daily exit from Middle East
The materials in the article focused on the flows of crude oil and refined products from the Middle East. Russell Hardy, CEO of Vitol, explained that approximately 12 million barrels of oil and 2 million barrels of refined products have been leaving the region daily over the past two weeks. This has helped maintain balance in the energy markets as winter approaches and Western inventories decline. He confirmed that this flow prevents oil prices from reaching $200 per barrel, despite ongoing crises in the oil market, including shortages of refined products caused by infrastructure disruptions, especially in Russia and the Middle East. He also indicated that this shortage is expected to continue through the winter, alongside ongoing refinery capacity issues. Furthermore, the G7 has approved the strategic release of oil reserves to support the market, with oil trading at around $99 per barrel.
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