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ADNOC Warns of Depletion
Sultan Al Jaber, ADNOC’s chief executive, said around one billion barrels had been drawn from global inventories since the war on Iran disrupted shipping through the Strait of Hormuz, warning that energy reserves were being depleted. Diesel inventories in some regions have fallen to their lowest levels in 35 years for this time of year, while other regions face a shortfall of 600 billion cubic feet of liquefied natural gas. Shipping and logistics costs have risen to 30% of the cost per barrel, compared with 5% before the war, while Brent crude is nearing $110 a barrel—up about 50% from its February level. Al Jaber called for expanded strategic storage and product inventories, as well as stronger refining capacity, infrastructure and logistics.
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