Vitol CEO says current Middle East flows enough to prevent $200/barrel scenario

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Vitol CEO Russell Hardy said Middle Eastern exports of crude and refined products have remained sufficient to keep energy flows steady. He argued that current volumes are helping avert a potential oil-price surge to $200 per barrel.

The Middle East has exported around 12 million barrels per day of crude oil and 2 million bpd of refined products in the last 7 to 10 days, according to Vitol CEO Russell Hardy. Hardy told the Energy Intelligence Forum in London that this flow of 10 million to 14 million bpd is maintaining energy ...