In a recent address at Gastech 2023 in Singapore, Vitol’s CEO, Russell Hardy, made a compelling observation about the global bunker fuel market.

The global bunker fuel market will witness a significant shift to LNG over the next decade, coinciding with the growing use of the fuel in transportation, noted the chief executive of Vitol energy company, Russell Hardy, speaking at Gastech 2023 in Singapore this week.

Hardy also said that “in the future, we need a more diverse energy strategy. About 50 million tonnes of LNG are going to go to Europe to solve the shortage. We have to be economical with gas this year, as there is still not enough to go around”.

”There are plenty of projects and opportunities for buyers, so I think everybody will benefit from participating. Net zero is a massive challenge and there are some areas with no obvious solutions.” Vitol’s CEO added.

Speaking at the same event, Vitol’s head of LNG and EMEA gas and power, Pablo Galante Escobar, discussed the surge in LNG supply that is coming to the market in the next five years, and how he expects it to be quickly absorbed by Asian buyers.

It’s worth noting that the Gastech 2023, taking place from 5-8 September in Singapore, is focusing on the role of Natural Gas, LNG, Hydrogen, and Climate Technologies in driving the transition towards a low-carbon energy future.

Earlier in the week, Vitol’s CEO Russell Hardy spoke at the Asia Pacific Petroleum Conference (APPEC), where he discussed volatility in the products market, a relatively stable trading environment for Brent and an expected improvement in global crude supplies in the next six to eight weeks on refinery maintenance.