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Vitol CEO says Western countries have exhausted available oil stocks
En breve
Russell Hardy, CEO of Vitol, the world’s largest independent oil trader, said at the Energy Intelligence Forum in London that Western countries have exhausted the oil stocks available to them. He said the oil products market remains very deficient and that the crisis may persist for several months, through the winter. RBC attributed the exhaustion to the US-Iran war, while Vedomosti also cited Saudi Aramco’s warning of “frighteningly low” global reserves.
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Russell Hardy, CEO of Vitol, the world’s largest independent oil trader, said at the Energy Intelligence Forum in London that Western countries have exhausted the oil stocks available to them, according to RIA Novosti, RBC, Vedomosti and TASS. «На Западе больше нет запасов, которые можно было бы использовать. Мы исчерпали доступные запасы,» Hardy said, as cited by Vedomosti. [ 1 , 2 , 3 , 4 ]
Hardy said the oil products market remains «очень, очень дефицитным» and that this situation would likely persist for some time as winter passes, Vedomosti reported. TASS reported that Hardy also warned of a crisis situation in the fuel market lasting several months. [ 3 , 4 ]
RBC reported that the exhaustion was due to the war between the US and Iran, citing Bloomberg. Vedomosti’s article did not explicitly name the US-Iran war as the cause but cited Hardy’s statement and noted that the Strait of Hormuz was not fully open to shipping, according to a warning by Saudi Aramco head Amin Nasser. [ 2 , 3 ]
On October 5, Amin Nasser, head of Saudi Aramco, called global oil reserves «frighteningly low» and warned that pressure on oil and oil product markets would increase until the Strait of Hormuz is fully open to shipping, Vedomosti reported. [ 3 ]
According to Energy Aspects data cited by Bloomberg and reported by Vedomosti, global oil stocks had fallen to approximately 4.3 billion barrels by early October, losing more than 400 million barrels since March. Vedomosti also noted that the recovery of Middle East supplies has not yet eliminated the global deficit in oil products, particularly diesel. [ 3 ]
Por qué importa
The statements point to a global oil supply deficit, with Western stocks depleted and fuel markets tight. As winter approaches, pressure on oil product markets could continue, affecting prices and availability for consumers and industries that rely on diesel and other fuels.
Datos clave
- Russell Hardy, CEO of Vitol, said Western countries have exhausted the oil stocks available to them. [ 1 , 2 , 3 , 4 ]
- Hardy spoke at the Energy Intelligence Forum in London, according to RBC and Vedomosti. [ 2 , 3 ]
- Hardy said the oil products market remains “very, very deficient” and the situation may last through winter. [ 3 ]
- Hardy warned that a crisis in the fuel market would persist for several months, TASS reported. [ 4 ]
- RBC reported that the exhaustion was due to the war between the US and Iran. [ 2 ]
- On October 5, Saudi Aramco head Amin Nasser called world oil reserves “frighteningly low” and warned pressure would increase until the Strait of Hormuz is fully open to shipping. [ 3 ]
- Energy Aspects data cited by Vedomosti showed global oil stocks fell to about 4.3 billion barrels by early October, down over 400 million barrels since March. [ 3 ]
- Recovery of Middle East supplies has not yet eliminated the global deficit in oil products, particularly diesel, Vedomosti reported. [ 3 ]
Confirmado por varias fuentes
Aún sin aclarar
- Whether the exhaustion of Western oil stocks is specifically caused by the war between the US and Iran. Only RBC states this link; Vedomosti mentions the Strait of Hormuz and Middle East supply without explicitly attributing the depletion to the war.
- The exact time Hardy made his statement at the forum. Documents give publication times but not the time of the forum statement itself.
- What specific “available stocks” refers to and how much remains. Documents say stocks are exhausted but do not quantify remaining Western reserves.
Qué dicen los medios locales
Cronología, hora local
- RIA Novosti reports Hardy’s statement that Western oil stocks are exhausted. [ 1 ]
- RBC reports the statement, attributing the exhaustion to the US-Iran war. [ 2 ]
- Vedomosti publishes details, including Hardy’s quotes, Nasser’s October 5 warning, and Energy Aspects data. [ 3 ]
- TASS reports that Hardy also warned of a months-long fuel market crisis. [ 4 ]