What does Vitol's CEO mean by saying oil-product stockpiles are at the 'bottom of the bottom'?

Vitol Group CEO Russell Hardy stated, 'We’re pretty much on the bottom of the bottom of our stockpiles,' referring to global oil-product markets being extremely tight and inflexible, with stockpiles drawn down to historically low levels — particularly evident in the US, where distillate (including diesel) inventories are at their lowest for this time of year in at least 25 years. He emphasized that refining capacity remains insufficient to halt these draws, causing markets to keep 'eating into the surplus that exists around the world.'

Why are oil-product markets tighter than crude markets, according to Vitol's CEO?

According to Hardy, oil-product markets are tighter than crude markets because of the loss of refined-product exports — estimated at 2 million barrels per day from both the Middle East and Russia — compounded by Moscow’s diesel export ban, ongoing refinery disruptions from Ukraine’s drone attacks on Russian refineries, and sustained high demand, especially as US refineries run at full capacity yet fail to replenish critically low distillate stocks.

Vitol Warns Oil-Product Stockpiles at ‘Bottom of the Bottom’

Sep 7, 2026

Vitol CEO Russell Hardy warned global oil-product stockpiles are at historic lows amid tight markets driven by geopolitical conflicts. Diesel prices hit record highs as refining capacity struggles to meet demand despite fluctuating Chinese crude imports.

bloomberg

2026-09-07

Vitol Warns Oil-Product Stockpiles at ‘Bottom of the Bottom’

Vitol Warns Oil-Product Stockpiles at ‘Bottom of the Bottom’

FAQ