Vitol CEO: Over the last 7-10 days, 12 million bpd of crude and 2 million bpd of products exited the Middle East
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09:51:46 AM UTC
SquawkNews
LONDON, Oct 6 (Reuters) — Around 12 million barrels of crude oil and 2 million barrels of refined products have left the Middle East per day in the last seven to ten days, the Chief Executive of commodities trading giant Vitol said on Tuesday. Without a steady flow of 10-14 million bpd to leave the region on ships the energy markets will destabilise going into winter due to low inventories in the West, he told the Energy Intelligence Forum in London, adding that a shutdown of these volumes might push benchmark crude prices to $200 a barrel. (Reporting by Robert Harvey, Shadia Nasralla, Editing by Louise Heavens) ((shadia.nasralla@tr.com)