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Vitol CEO says more Russian crude and products set for Asia in 2023

Published by Wanda Rich

Posted on June 21, 2022

1 min read

· Last updated: February 6, 2026

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Vitol CEO Russell Hardy discusses Russian crude oil supply to Asia - Global Banking & Finance Review
Image of Vitol CEO Russell Hardy speaking at the Asia Oil & Gas Conference, discussing the increase of Russian crude oil exports to Asia in 2023 and the impact on global energy markets.
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DOHA (Reuters) – More Russian crude oil and products will head to Asian markets in 2023 while Europe will turn more to the Middle East to buy diesel, Vitol CEO Russell Hardy said on Tuesday. Hardy also said tight energy markets would persist until demand slows. “Its tough to see markets really giving up much […]

DOHA (Reuters) – More Russian crude oil and products will head to Asian markets in 2023 while Europe will turn more to the Middle East to buy diesel, Vitol CEO Russell Hardy said on Tuesday.

Hardy also said tight energy markets would persist until demand slows.

“Its tough to see markets really giving up much ground until we see some abatement in demand. We are still really not back to 2019 demand levels for gasoline and jet fuel … all in all that’s fairly supportive of prices,” he told the Qatar Economic Forum in Doha hosted by Bloomberg.

“The one thing that everyone is concerned about is runaway prices which would make recessions more likely.”

(Reporting by Maha El Dahan and Nadine Awadalla; editing by Jason Neely)

Frequently Asked Questions

What is crude oil?
Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. It is extracted from the ground and refined into various products, including gasoline and diesel.
What is the energy market?
The energy market refers to the marketplace where energy commodities, such as oil, gas, and electricity, are bought and sold. Prices in this market can fluctuate based on supply and demand dynamics.
What is market analysis?
Market analysis involves assessing the dynamics of a market within a specific industry. It includes evaluating market trends, competition, and consumer behavior to inform business strategies.
What is demand in economics?
Demand in economics refers to the quantity of a product or service that consumers are willing and able to purchase at various prices. It is a fundamental concept that influences market dynamics and pricing.

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