Oil market at risk of glut if sanctions lifted - Gunvor CEO - Video Dailymotion

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Gunvor Group CEO Torbjörn Törnqvist says U.S. and European sanctions on Russian and Iranian oil have kept large volumes stored on tankers, with a potential glut that could flood the market if sanctions are lifted.

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00:00Global oil markets remain stable for now, but the risk of oversupply is looming.

00:06The CEO of Swiss Commodities Trader Ganva Group says US and European sanctions on Russian and

00:12Iranian oil have left huge volumes stored on tankers, keeping a potential supply glut

00:18from hitting the market if sanctions are removed.

00:21CEO Tomyong Tonvis speaking at the Aedipac Energy Conference in Abu Dhabi warned that

00:30if those restrictions were lifted, the world could suddenly see too much oil, pushing prices down.

00:37The US, UK and EU have imposed sweeping sanctions on Moscow over its war in Ukraine,

00:43with Washington's latest targeting Russian oil giants Rosneft and Lukoil.

00:47Global oil prices fell for a third month in October on oversupply fears,

00:53as OPEC and non-OPEC producers continued to boost output.

00:58Marco Dunant, CEO of Mercuria, another major global oil trading firm,

01:02warned global oil supply could soon outpace demand by as much as 2 million barrels a day next year.

01:09But he said Western sanctions are still playing a big role in limiting how much oil actually reaches the market.

01:16Swiss-based Ganvor, one of the world's largest energy traders,

01:20made its name in the 2000s as a leading dealer of Russian oil

01:24and has benefited from the post-Ukraine war price surge.

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Oil market at risk of glut if sanctions lifted - Gunvor CEO

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