© Archyde.com/Angus Mordant
File image of a crude oil storage tank in Mentone, Texas, USA.
LONDON, March 22 (Archyde.com) – Russia’s invasion of Ukraine and Western-implemented sanctions have created a huge shock to commodity markets, Vitol’s chief executive said, and the world will struggle to cope with a potential loss. 2 million barrels per day (bpd) of Russian oil.
“Gas markets are even more of a concern than oil markets. It’s important that regulators have backup in their back pocket in case there is turmoil in the gas market,” Vitol CEO Russell Hardy said in the statement. FT Global Commodities Summit.
“Diesel supplies in Europe are the most worrying with half of imports coming from Russia…diesel rationing is a possibility.”
(Reporting by Julia Payne. Editing in Spanish by Marion Giraldo)