Sustaining market stability and preventing Brent crude from reaching $200 a barrel requires 10 to 14 million bpd to flow from the Middle East. Hardy estimates approximately 14 million bpd, comprising 12 million bpd of crude and 2 million bpd of refined products, left the region daily over the last 7 to 10 days. This operational environment has evolved into a shipping crisis where a large portion of transit occurs without AIS tracking, leaving the system vulnerable to any disruption.
Wednesday, October 21, 2026
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Vitol CEO Says Western Oil Inventories Exhausted After Iran War
Commodities15 days ago
Oil stocks in Western countries are now completely depleted due to the conflict with Iran, according to Russell Hardy of Vitol. Speaking at the Energy Intelligence Forum in London on Tuesday, the chief executive officer of the largest independent oil trader stated there are no more inventories to drain and that fuel markets will likely remain tight through winter. Hardy noted that the specifics of a recent 100 million barrel emergency reserve release by G7 nations and their partners are not fully transparent.
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