Vitol CEO urges African countries to build fuel reserves

What the report says

Vitol Group chief executive Russell Hardy used a panel at the ADIPEC 2026 energy conference in Abu Dhabi to urge African countries to build larger fuel storage buffers. According to The Independent Uganda, he said the global petroleum system is operating with low inventories and limited spare capacity, leaving it vulnerable to further shocks in supply chains. He said some African states may seek an extra five to 10 days of storage to reduce exposure to disruptions.

The discussion included leaders from YPF in Argentina, ADNOC Downstream, and TWG Global, and focused on how countries and companies can improve resilience across the oil and fuels value chain. Hardy said resilience is not the same as simply optimizing supply and highlighted the cost of holding reserve stocks, noting that European markets require compulsory inventories. Other speakers argued that resilience also depends on shipping, refining, logistics and investment in infrastructure that can work in a crisis.

The report places the comments in a Ugandan context because the country depends on imported refined petroleum products and uses a centralized procurement arrangement involving UNOC and Vitol Bahrain. The article notes that Uganda is expanding storage capacity through the planned Namwabula terminal, but questions remain about how much fuel is physically held in-country and whether new investments will better protect consumers from future supply disruptions.