World’s Top Crude Trader Isn’t Ruling Out $200 Oil Just Yet
Ship-to-ship transfers in the Gulf of Oman that keep oil flowing from the Middle East provide a lifeline to Gulf producers and to the oil market, according to Russell Hardy, chief executive officer at the world’s biggest independent oil trader, Vitol Group. “Without it, you do have that $200-a-barrel scenario, so it is pretty important it continues,” Hardy said at the Energy Intelligence Forum in…
Russell Hardy, CEO of Vitol Group, the world's largest independent oil trader, warned against the possibility of oil prices reaching $200 per barrel during a recent appearance at the Energy Intelligence Forum in London. Hardy emphasized the critical importance of ship-to-ship transfers in the Gulf of Oman, which keep oil flowing from the Middle East and provide a lifeline to Gulf producers and the global oil market.
Without these transfers, a $200-a-barrel scenario could become a reality, as there are no more inventories to drain in the West. In recent weeks, these ship-to-ship transfers have surged, with some estimates suggesting oil flows out of the Strait of Hormuz exceeding pre-war levels of around 20 million barrels per day.
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