Oil inventories in western countries have been exhausted as a result of the Iran war, the boss of the world’s largest in | Hanami
Oil inventories in western countries have been exhausted as a result of the Iran war, the boss of the world’s largest independent oil trader said, warning that fuel markets are likely to remain tight going into winter.
“There aren’t any more inventories to drain in the West,” Russell Hardy, chief executive officer of Vitol Group, said at the Energy Intelligence Forum in London on Tuesday. “We drained the available inventory.”
The Group of Seven nations and its partners announced on Friday that they would release 100 million barrels of emergency oil reserves after the Trump administration piled pressure on Europe to do more to quell soaring diesel prices. Hardy said the precise details of that release were “not fully transparent.”
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