Western countries have their oil reserves depleted — Vitol CEO

Business & Economy October 06, 20:45

The crisis situation in the fuel market will continue for several months more, Russel Hardy noted

LONDON, October 6. /TASS/. The situation with fuel remains very tense and the Western countries have no oil inventories left, CEO of the international commodity trader Vitol Russel Hardy said at the Energy Intelligence Forum in London.

"There aren’t any more inventories to drain in the West," he said, cited by Bloomberg.

The crisis situation in the fuel market will continue for several months more, Hardy noted.

"[Petroleum] products are still in a very, very tight situation and that will probably roll forward for a little bit longer as we go through winter," he added.

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