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BackOil reserves in the West have been exhausted, the head of Vitol said

Oil reserves in the West have been exhausted, the head of Vitol said

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РИА Новости1 hour agoEnergy1 min readRussia

Oil reserves in the West have been exhausted, the head of Vitol said

According to the expert, the fuel shortage on the market may continue in the coming months and into the winter.

Quick Look

The head of commodity trader Vitol, Russell Hardy, announced the depletion of oil reserves in the West.
According to his forecasts, the fuel shortage on the market will continue in the coming months and on the eve of the winter season.

AI-generated summary

Why It Matters

The announcement was made at the Energy Intelligence Forum conference in London.

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The head of commodity trader Vitol, Russell Hardy, said that oil reserves in the West have been depleted.

Hardy believes fuel shortages in the market are likely to continue in the coming months and as winter approaches.

Oil reserves in the West are depleted, and the situation with fuel shortages may continue in the run-up to winter, said the head of commodity trader Vitol, Russell Hardy.

“There are no more reserves (of oil - ed.) in the West that could be used. We have already used up the existing reserves,” Bloomberg quotes Hardy as saying at the Energy Intelligence Forum conference in London.

The head of Vitol also said that there will likely remain a shortage in the fuel market in the coming months.

Open Questions

What are the exact amounts of remaining reserves?
How will oil exporting countries react?

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This article was originally published by РИА Новости.