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Vitol Expects Product on Water Build from Sanctions

OIL PRODUCTS

The G7 price cap on Russian oil products will likely lead to "on-the- water stock buildup" according to Mike Muller the head of Vitol Asia, as buyers, sellers, insurers, shipowners and banks await clarity on the legality of dealing with these flows..

  • "There will be on-the-water stock build to the extent the uncertainty remains over what aspects of the supply chain are going to feel the pinch," he said.
  • "The world is going to have to realign and redirect its refined products that come out of Russia from the Baltic and the Black Seas all the way to Asia: that is a much, much longer voyage that will see a phenomenal stock buildup on the water which accounts for or takes away the best part of a whole month's worth of exports and that's another form of demand," Muller added.
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