Reuters
APPEC: Vitol expects Russian oil to flow to Asia and Mideast
SINGAPORE (Reuters) -Russian oil is expected to come to Asia and the Middle East, while refined fuel produced in these regions will flow to the West as the global oil trade is disrupted by sanctions, Vitol’s Chief Executive Officer Russell Hardy said on Monday. The Russia-Ukraine war has made energy security the top issues for governments as they grapple with inflation, and with bans on Russian oil looming and Moscow slashing gas supplies to Europe, policymakers are setting aside sustainability concerns for now. More than a million barrels per day of U.S. crude is expected to go to Europe to fill the gap in Russian supplies, he told a forum at the 38th Annual Asia Pacific Petroleum Conference (APPEC) 2022 conference, adding that Russian commodities would need to find a home in places outside the United Kingdom, United States and European Union.
