OREANDA-NEWS There are no more oil reserves in the West that can be used. Russell Hardy, the head of commodity trader Vitol, announced the exhaustion of suitable reserves, as quoted by Bloomberg.

At the Energy Intelligence Forum in London on Tuesday, a top manager said that due to the war in Iran, the situation with petroleum products remains extremely scarce, and it may last for some time as winter approaches.

"There are no more reserves in the West that can be depleted. We have exhausted our existing reserves," Hardy said.

On Friday, the G7 countries and their partners announced they would release 100 million barrels from strategic oil reserves after the Trump administration increased pressure on Europe to do more to curb skyrocketing diesel prices. Hardy said that the exact details of this release are "not completely transparent."

"The food situation is still very, very tense, and it will probably be like this for some time as we go through the winter," he added.

Earlier, Mike Wirth, CEO of the American energy giant Chevron, warned that the global oil market is now in a more vulnerable position than at the beginning of the war between the United States and Iran in the Middle East. Against the background of increased risks and large-scale disruptions in the supply of energy resources from the Persian Gulf countries, the authorities of the leading states have focused on releasing their own reserves of raw materials. With this in mind, global oil reserves began to decline markedly, Wirth noted.