Bloomberg
Vitol CEO Sees Oil Demand Dropping 3 Million Barrels a Day
Monday, November 2, 2026
Russell Hardy, CEO of Vitol Group, stated that global oil demand will drop by approximately 3 million barrels per day in 2026 and will take one year to recover to pre-war levels. Hardy attributed the decline to economic effects from increased energy prices following the US-Iran conflict. Vitol is one of the world's largest independent oil traders.
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