A top Vitol Group executive stated that accelerating crude exports through the Strait of Hormuz are not translating into higher production of dirty shipping fuel, leading to tightening supplies and soaring prices. Vitol's Asia head Kieran Gallagher noted at a Singapore conference this week that the Middle East conflict has reduced fuel oil supply from the Persian Gulf by 800,000 barrels per month, while Ukrainian attacks on Russian refineries have cut supply by 1 million tons per month.