Vitol CEO: Global Fuel Markets Are "Tight and Inflexible"

Global fuel markets are very tight and inflexible, despite the higher flows out of the Persian Gulf in recent weeks, Russell Hardy, chief executive of the world's biggest independent oil trader, Vitol Group, said on Tuesday.

"It's pretty, pretty tight and inflexible out there as far as the market is concerned," Hardy told the Asia Pacific Petroleum Conference by S&P Global Energy in Singapore today, referring to the fuel market.