"ADNOC": Global oil reserves are being depleted after one billion barrels were drawn from inventories since the outbreak of the Iran war

Abu Dhabi National Oil Company (ADNOC) warned of the depletion of global energy reserves, after about one billion barrels were drawn from inventories since the outbreak of the US-Israeli war on Iran and the disruption of navigation through the Strait of Hormuz. CEO Sultan Al Jaber said during the ADIPEC conference in the UAE that diesel inventories in some regions have reached their lowest levels in 35 years for this time of season, while other regions face a gap in liquefied natural gas supplies of up to 600 billion cubic feet. He pointed out that diesel prices have risen to unprecedented levels, driven by supply disruptions due to the war, threatening to fuel inflation and affect costs for both governments and consumers. Al Jaber added that shipping and logistics costs have risen to 30% of the cost per barrel, compared to only 5% before the outbreak of the Iran war. Brent crude is currently trading at around $110 per barrel, representing an increase of about 50% from its level in February before the war broke out.