US vows Europe to replace Russia in oil supplies

More than a million barrels per day of US crude is expected to go to Europe to fill the gap in Russian supplies.

The remarks came from Chief Executive Officer of the Dutch energy and commodity trading company Vitol, Russell Hardy, at the 38th Annual Asia Pacific Petroleum Conference (APPEC) 2022 conference on September 26, according to Reuters.

Vitol’s CEO noted that Russian commodities would need to find a home in places outside the United Kingdom, the United States and European Union.

"It's going to go further and longer distances and find different markets, and in doing that it's going to have to trade at a discount," Hardy added.