Vitol chief executive Russell Hardy has been sharing his thoughts on the energy disruption caused by Russia’s invasion of Ukraine.

The boss of the low-profile trading, chartering and shipowning giant was speaking at the Asia Pacific Petroleum Conference (APPEC) 2022 in Singapore.

Hardy said Russia’s gas supply cuts have placed a big strain on the European market, with high gas prices expected to affect between 60% and 80% of demand.