Global oil reserves have fallen by nearly a billion barrels since the start of the conflict between the US and Iran.

Global oil reserves have fallen by nearly a billion barrels since the start of the conflict between the US and Iran.

Global oil reserves fell by nearly a billion barrels after the US and Israel's war against Iran disrupted shipping traffic through the Strait of Hormuz. This is what the head of ADNOC Sultan Al Jaber said at the ADIPEC conference in the United Arab Emirates.

According to Al Jaber, the situation with fuel and gas remains tense. Diesel inventories have fallen to a 35-year low this time of year in some regions, and other markets are facing a 600 billion cubic foot shortage of LNG.

Shipping and logistics costs have risen to 30% of the cost of a barrel, while before the war with Iran this figure was 5%. ADNOC has already withdrawn a million barrels from its reserves of oil and petroleum products.