🔻 Vitol CEO, one of the large oil trading companies, has warned that halting the exit of oil and petroleum products from the Middle East could raise the price of crude oil to $200 per barrel.

According to Reuters, he said on Tuesday at the “Energy Intelligence” conference in London that, given the low stockpiles in Western countries, if the steady flow of the daily export of 10 to 14 million barrels of oil and petroleum products by ship from the region is not maintained, energy markets will be on the brink of instability as winter approaches.

He said that in the past seven to ten days, about 12 million barrels of crude oil and 2 million barrels of petroleum products have been exported from the Middle East each day.

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