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2026-11-02 15:14:24
[ADNOC CEO: US-Israel war against Iran has depleted nearly 1 billion barrels of crude oil reserves, diesel and LNG supplies are tightening] (1) Sultan Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), said that since the US and Israel launched the war against Iran and shipping was disrupted in the Strait of Hormuz, global reserves have been depleted by nearly 1 billion barrels of crude oil, severely eroding the buffer of energy supply; diesel reserves in some regions have fallen to their lowest level in the past 35 years, while other regions face a 600 billion cubic feet liquefied natural gas (LNG) supply gap. (2) Affected by wartime supply disruptions, diesel prices in many markets have soared to record highs, putting inflationary and cost-of-living pressures on governments and consumers. Jaber said that it is necessary to expand strategic energy reserves, increase refined oil reserves, and build flexible refining capacity closer to consumer markets; infrastructure must be built before demand emerges and supported by advanced logistics systems. (3) He also said that shipping and logistics costs as a percentage of the total cost per barrel of crude oil have risen from 5% before the outbreak of the war against Iran to 30%. (4) Saudi Aramco CEO said last month that global commercial inventories are less than 6 billion barrels, most of which are actually unusable.
