{
  "id": 12377087,
  "title": "Middle East oil flows of around 14 million barrels a day help ease price pressure: Vitol CEO",
  "url": "https://urgent.news/2026/10/06/middle-east-oil-flows-of-around-14-million-barrels-a-day-help-ease",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-06T12:40:33.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/energy-commodities/middle-east-oil-flows-around-14-million-barrels-day-help-ease-price-pressure-vitol-ceo"
  },
  "original_language": "en",
  "account": "Vitol CEO Russell Hardy stated that around 14 million barrels of oil flowing daily from the Middle East help ease price pressure on energy markets. This flow, consisting of 12 million barrels of crude oil and 2 million barrels of refined products, has been crucial in maintaining energy balance as inventories in the West have significantly decreased. Hardy emphasized that without this flow, the US$200 per barrel scenario could occur, underscoring the importance of the ongoing oil flow. The global oil market had demonstrated resilience despite a series of disruptions, from a crude oil crisis to a products crisis and now a shipping crisis. China had been a vital support during the early months of the year, but developing nations in Asia lacked the necessary buffer due to closely linked supply chains with the Middle East. Hardy also noted that refined products markets still face tightness into the winter, as the world remains short of refining capacity due to disruptions in Russian infrastructure and reduced refining operations in the Middle East. The G7 recently agreed on a coordinated release of 100 million barrels of crude and diesel from strategic reserves to alleviate tightness, particularly benefiting Europe. Brent crude futures currently trade at approximately US$98 per barrel, while European benchmark diesel futures are around US$70 per barrel above crude.",
  "summary": "The global oil market had proven fairly resilient to various disruptions this year, Hardy said",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 10,
    "also_reported_by": [
      {
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        "title": "Middle East war sharpens focus on ASEAN energy security plans",
        "url": "https://urgent.news/2026/10/06/middle-east-war-sharpens-focus-on-asean-energy-security-plans",
        "published": "2026-10-06T01:14:16.000Z"
      },
      {
        "outlet": "The Vibes",
        "title": "Oil prices ease as Middle East exports recover towards pre-war levels",
        "url": "https://urgent.news/2026/10/06/oil-prices-ease-as-middle-east-exports-recover-towards-pre-war-levels",
        "published": "2026-10-06T01:19:00.000Z"
      },
      {
        "outlet": "Channel News Asia",
        "title": "Middle East war sharpens focus on ASEAN energy security plans",
        "url": "https://urgent.news/2026/10/06/middle-east-war-sharpens-focus-on-asean-energy-security-plans-12276365",
        "published": "2026-10-06T01:27:00.000Z"
      },
      {
        "outlet": "Bangkok Post Business",
        "title": "Middle East war sharpens focus on Asean energy security plans",
        "url": "https://urgent.news/2026/10/06/middle-east-war-sharpens-focus-on-asean-energy-security-plans-12292113",
        "published": "2026-10-06T02:42:00.000Z"
      },
      {
        "outlet": "New Straits Times",
        "title": "Banks weather Middle East shock with asset quality intact",
        "url": "https://urgent.news/2026/10/06/banks-weather-middle-east-shock-with-asset-quality-intact",
        "published": "2026-10-06T02:57:44.000Z"
      },
      {
        "outlet": "The National UAE",
        "title": "World Bank says Middle East economy to contract 2.1% in 2026 on Iran war",
        "url": "https://urgent.news/2026/10/06/world-bank-says-middle-east-economy-to-contract-2-1-in-2026-on-iran",
        "published": "2026-10-06T05:00:00.000Z"
      },
      {
        "outlet": "Hellenic Shipping News",
        "title": "Markets ablaze as Middle East conflict continues",
        "url": "https://urgent.news/2026/10/06/markets-ablaze-as-middle-east-conflict-continues",
        "published": "2026-10-06T10:00:23.000Z"
      },
      {
        "outlet": "Investing.com",
        "title": "Shell CEO says Middle East oil flows reach 80% of prewar levels",
        "url": "https://urgent.news/2026/10/06/shell-ceo-says-middle-east-oil-flows-reach-80-of-prewar-levels",
        "published": "2026-10-06T11:27:35.000Z"
      },
      {
        "outlet": "The Business Times - Companies & Markets",
        "title": "Middle East oil flows of around 14 million barrels a day help avert US$200-a-barrel oil: Vitol CEO",
        "url": "https://urgent.news/2026/10/06/middle-east-oil-flows-of-around-14-million-barrels-a-day-help-avert",
        "published": "2026-10-06T12:40:33.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}