14:47 - 8.09.2026

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September 8, Fineko/abc.az. Russell Hardy, CEO of Vitol Group—the world's largest independent oil trader—warned of growing supply deficit risks in fuel markets during the Asia Pacific Petroleum Conference (APPEC) in Singapore. The executive noted that while the crude oil market appears relatively stable, the situation in refined petroleum products remains exceptionally tight as global inventories sink to bottom levels.

Hardy highlighted that nearly 10 million barrels of oil and refined products transit the Strait of Hormuz daily, but cautioned that uninterrupted flows cannot be guaranteed due to shipping and insurance risks. Declining refined fuel exports from the Middle East and Russia, combined with insufficient global refining capacity, are driving fuel markets into a deeper crisis than crude oil.