VITOL: MIDDLE EAST OIL FLOWS RECOVER, BUT SHIPPING CRISIS DEEPENSVitol CEO Russell Hardy says the Middle East has re-eng | Hanami
VITOL: MIDDLE EAST OIL FLOWS RECOVER, BUT SHIPPING CRISIS DEEPENS
Vitol CEO Russell Hardy says the Middle East has re-engineered its oil trade through bypass routes and shuttle operations, with crude and product flows recovering to around 14 million barrels per day.
But Hardy warns inventory buffers in the West are largely gone, and without these flows oil could face a $200-per-barrel scenario.
The crisis has shifted from crude, to refined products, and now to shipping, with insufficient vessels and near-nightly attacks on ships attempting Hormuz transits.