Vitol chief warns of tanker shortage and risk of $200-a-barrel oil
Head of world’s largest independent oil trader says shipping squeeze is creating new bottleneck despite increased Gulf flows
Source: Financial Times
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DW NOTE
Vitol sees the tanker shortage before the price spike. The Strait of Hormuz has been effectively shut since September 27 — one ship through versus the normal 85 per day — and the IEA already expects supply to drop 5.7 million barrels per day this year. But WTI is at $89, down 20.6% from its peak, and Brent is at $100, off 14.9%. The market is pricing temporary disruption. If Iran holds the closure and the tanker fleet can't reroute Gulf barrels fast enough, $200 isn't a warning, it's arithmetic.