Vitol CEO Russell Hardy Issues Warning Over Western Oil Inventories
Vitol Group CEO Russell Hardy stated that there are no further inventories left to be consumed in the West, and that the tightness in the fuel market will continue until the winter months.
Speaking at the Energy Intelligence Forum in London, Vitol Group CEO Russell Hardy announced that there are no other oil inventories left to be consumed in the Western world and that existing reserves have been completely depleted.
No Inventories Left to Consume in the West
Russell Hardy, CEO of Vitol Group, made important evaluations within the scope of the Energy Intelligence Forum held in London. Hardy stated that there are no further inventories left to be consumed in the West and that existing inventories have been depleted.
Emergency Reserves and G7 Move
G7 countries and their partners announced they will release 100 million barrels of emergency oil reserves following pressure from the Trump administration for further action to curb soaring diesel prices in Europe. However, Hardy noted that the exact details of this release are not fully transparent.
Usable Inventory Status
Russell Hardy's remarks were made public a day after Saudi Aramco's CEO warned that less than 10 percent of the world's 6 billion barrels of oil inventories is practically usable due to logistical challenges.
Tightness Will Continue in Winter Months
The Vitol CEO warned that the tightness in the fuel market will continue in the coming months, stating that this difficult picture will persist until getting through the winter.