Around 14 million bpd leaving Middle East, Vitol CEO says
USO•Around 12 million barrels of crude oil and 2 million barrels of refined products have left the Middle East per day over the last seven to ten days, Vitol’s CEO said. He said a shutdown of those volumes might push benchmark crude prices to $200 a barrel.
1. Oil flows and price risk
Vitol’s CEO said around 12 million barrels of crude oil and 2 million barrels of refined products have left the Middle East per day over the last seven to ten days. He said energy markets could destabilise going into winter without a steady flow of 10 million to 14 million barrels per day shipped from the region, citing low inventories in the West, and added that a shutdown might push benchmark crude prices to $200 a barrel.
