A Vitol Energy CEO said the Middle East has been shipping about 12 million barrels of crude oil and 2 million barrels of refined products to overseas markets each day over the past seven to 10 days. He warned that if the region cannot maintain exports of 10 million to 14 million barrels per day, international oil prices could rise to $200 a barrel. The remarks focused on the scale of current outbound energy flows and the price risk tied to any disruption in export volumes. The statement was cited by ChainCatcher in a market analysis newsflash.
According to ChainCatcher, a Vitol Energy CEO said the Middle East has shipped about 12 million barrels of crude oil and 2 million barrels of refined products to overseas markets each day over the past seven to 10 days.
He warned that if the region cannot maintain exports of 10 million to 14 million barrels per day, international oil prices could rise to $200 a barrel.
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