Vitol CEO Russell Hardy said the U.S.-Iran conflict has eliminated 600‑700 million barrels of oil supply, potentially rising to 1 billion barrels.
He estimated a daily loss of 12 million barrels of hydrocarbons and a 4 million‑barrel‑per‑day drop in oil demand due to supply disruptions.
Hardy added that 300‑400 million barrels of fuel inventories will be drawn down as a result of the war.