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Vitol CEO says Gulf of Oman transfers help avert $200 oil
Oil trader Vitol’s CEO, Russell Hardy, said ship-to-ship transfers in the Gulf of Oman are keeping Middle East crude flowing and providing a lifeline to both Gulf producers and the wider oil market, according to OilPrice.
Hardy said that without those transfers, the market could face a scenario in which crude reaches $200 a barrel, adding that the ongoing mechanism is therefore important.
OilPrice reports Hardy made the comments at the Energy Intelligence Forum, where he discussed how the logistics of moving cargo can affect supply continuity and price outcomes.
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