Group Chief Executive Officer (CEO), Vitol Holding Bv Vitol
Search every verified Russell Hardy interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. Russell Hardy, Group CEO of Vitol, stated in June 2022 that the global energy sector was in "a bit of a crisis," citing tightening supply and demand and sanctions driving prices higher. He noted that the problems predated the Ukraine war, with tight gas and oil markets and constrained European power capacity. Hardy described a difficult balance for Western governments between imposing restrictions on Russia and maintaining price normality, adding that runaway prices could make recessions more likely. He said it was tough to see markets easing until demand abates, pointing out that demand for gasoline and jet fuel had not yet returned to 2019 levels. In a 2019 interview, Hardy discussed Vitol's partnership with ADNOC in storage terminal operator VTTI, saying it would help grow the business and exploit emerging market opportunities. He expressed a positive outlook for oil demand through 2030 but acknowledged that oil products markets would eventually see finite growth. Hardy highlighted the international LNG market as a growth area, predicting it could double over the next decade, and noted Vitol's modest renewable projects and efforts to diversify into alternative energies.
“There is a bit of a crisis, yes, it's certainly fair to say. We came into the year struggling a little bit with supply and demand, prices had a fairly positive outlook at the beginning of the year. Obviously, the geopolitics have made things more complicated than they were at the beginning of the year. Supply and deman...”
“It's tough to see markets really giving up much ground until we see some abatement in demand. We're still really not back to 2019 demand levels for gasoline and for jet fuel. There's still 2 to 3 million barrels a day of demand to come back next year. All in all, that's fairly supportive of prices and just means that w...”
“we're faced with under investment and decline in production capacity for crude oil and at the same time we've got a relatively tight refining situation a number of refineries shut down during the covid period when the economics for running a refinery investing in refineries was difficult business so we're now faced wit...”
“it's a difficult balance between imposing restrictions in the west and trying to maintain some normality of price because clearly what nobody wants is runaway prices from here it's already difficult enough for consumers at these levels and so i think western governments are thinking about how to keep things in balance...”
“The international LNG market is going to possibly double over the next ten years so it's a fantastic place to put some resources and to develop our presence.”
“We see growth out to 2030 certainly... the oil products markets are probably going to be finite growth won't last forever.”
Russell Hardy, Group CEO, Vitol discusses the future of the global energy market with Bloomberg’s Haslinda Amin at the 2022 Qatar Economic Forum.
Russell Hardy, Group CEO, Vitol discusses the future of the global energy market with Bloomberg's Haslinda Amin at the 2022 Qatar Economic Forum.
We sat down with Russell Hardy, CEO of Vitol Group, to discuss “Investments and Trading in the Oil & Gas Industry”.
Sign in to search the full transcript archive, filter by topic, and access every quote from Russell Hardy.
The summary and quote tags on this profile are produced with AI assistance from verified, first-person interview transcripts, then checked by our team to confirm the speaker's identity and the accuracy of every quote. See how we verify →