September 26, 2022 07:56 GMT
Vitol will decide on participation in G7 price cap on Russian crude based on buy-in from governments and feedback from customers according to CEO Russell Hardy.
- “There’s a period of uncertainty for the next six months” he said. Trade flows are changing due to sanctions and the EU ban on Russian crude. Russian crude to Europe is expected to divert to Asia and the Middle East while refined fuels from these regions will flow to the West.
- Hardy said energy security is currently the main priority ahead of sustainability for now. “Energy Security is number one, Price is number two. Sustainability is number three.”
- LNG supplies are heading for Europe instead of the rest of the world and more infrastructure is required. Europe is in the process of installing new floating regas terminals across the continent. A terminal in Netherlands already operating and two terminals in Germany are due online before the end of the year.
- "We're going to need more supply but the slots are more important at the moment because the need is immediate, " Hardy said.