Vitol: Middle East oil supports market balance

Oil flows from the Middle East, reaching about 12 million barrels per day of crude and 2 million barrels of refined products over the past week, play a key role in supporting energy market stability despite the global shipping crisis. Russell Hardy, CEO of Vitol, stated that the continuation of these flows prevents a significant rise in oil prices, noting that without them, the price per barrel could have reached $200. However, the oil crisis has shifted into a shipping crisis, highlighting ongoing pressures on energy supplies, as the market has become increasingly dependent on China's stocks, which played a crucial role in May and June. Meanwhile, other Asian countries face greater difficulties due to limited reserves and their reliance on the Middle East.

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