Vitol CEO Russell Hardy said refined-fuel markets are tightening while the crude outlook looks "relatively OK" as Strait of Hormuz shipments recover. Speaking at the S&P Global Energy Asia-Pacific oil conference in Singapore, he estimated daily throughput via the waterway at about 10 mln b/d, roughly 9 mln b/d crude and the remainder refined products, but cautioned the estimate is uncertain and may fluctuate. He said there is a shortage of refined products and that markets are missing about 2 ml

Vitol CEO Russell Hardy said refined-fuel markets are tightening while the crude outlook looks "relatively OK" as Strait of Hormuz shipments recover. Speaking at the S&P Global Energy Asia-Pacific oil conference in Singapore, he estimated daily throughput via the waterway at about 10 mln b/d, roughly 9 mln b/d crude and the remainder refined products, but cautioned the estimate is uncertain and may fluctuate. He said there is a shortage of refined products and that markets are missing about 2 mln b/d of Russian crude and a further 2 mln b/d from the Middle East.