Widex Group claims Europe’s oil reserves have been depleted—whose responsibility is it?

European oil reserves have been exhausted, claims Vitol Group, an international energy trading conglomerate!

At the Energy Intelligence Forum in London on October 6, Russell Hardy, head of oil trader Vitol Group, stated that Western strategic petroleum reserves available to offset supply shortfalls have now been depleted.

"Europe has no remaining usable oil reserves—we’ve used them all up!"

Hardy, CEO of Vitol Group, said the market for petroleum products remains extremely tight. He warned that supply shortages could persist in the coming months as winter approaches. Reports indicate that Europe faces the most severe challenges, with gas storage levels falling to their lowest point since 2014.

The global decline in oil inventories has affected markets worldwide. As of early October, global crude oil stocks had dropped to approximately 4.3 billion barrels—more than 400 million barrels less than in March. Although supply from the Middle East has partially recovered, shortages in refined products, particularly diesel, remain unresolved. Meanwhile, fresh reports confirm that another oil tanker in the Strait of Hormuz was attacked today, reportedly struck by a drone. Amid this backdrop, oil prices have stabilized around $100 per barrel. The selling price of Russian crude has surpassed the benchmark set for budget revenue projections by nearly 80%.

Original: toutiao.com/article/1878376312975372/

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