The oil reserves available in Western countries have been virtually exhausted due to the war with Iran, warns Russell Hardy, the CEO of Vitol Group, the world’s largest independent oil trader. According to him, the fuel shortage could continue throughout the winter.
“There are no longer reserves in the West that can be used,” Hardy declared at the Energy Intelligence Forum in London. He argues that the current energy crisis has consumed the available stocks, leaving the market much more vulnerable to potential new supply disruptions.
The head of Vitol warns that, in the absence of these reserves, even a scenario in which oil reaches 200 dollars per barrel becomes possible. For this reason, the uninterrupted maintenance of deliveries from the Persian Gulf, resumed in the meantime, is essential.
The alarm signal also comes from Saudi Aramco. The company’s director, Amin Nasser, states that the global reserves that can cushion market shocks have become “terrifyingly small”. Before the war with Iran, commercial stocks and strategic reserves totaled approximately 10 billion barrels. Now it would have dropped below six billion, and of this amount only about 10% could actually be used, due to technical limitations.
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