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Vitol Eyes to Continue Buying Russian Fuel After Price Cap

OIL PRODUCTS

Vitol is looking to continue to buy small amounts of Russian oil products after the price cap will come into force, Vito CEO Russel Hardy said.

  • “They want us to comply with the price cap, but at the same time they want us to stay involved and keep the market supplied”, Hardy said when asked whether Vitol will continue to buy Russian fuels.
  • Trading in Russian energy makes up a “low-single digit percentage” of Vitol’s business currently, compared with 10% prior to the conflict.
  • Vitol only trades with Russian refined products such as diesel, not crude oil.
  • Vitol would like to continue a “very modest level of business, meaning a level that supports largely the asset footprint that we have”, Hardy added.
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