UAE Minister of Industry and Advanced Technology and ADNOC Director and CEO on the sidelines of ADIPEC 2026: Since the Strait of Hormuz disturbances, nearly a billion barrels have been removed from global stocks The world has exhausted its protective supply reserves Diesel stocks in some markets have reached their lowest levels in 35 years for this time of the season Shipping and logistics costs have become more than 30% of the cost of one barrel following the unrest, compared to 5% before the Iran war. This new reality means we must expand strategic storage and provide flexible refining capabilities closer to consumer markets.

UAE Minister of Industry and Advanced Technology and ADNOC Director and CEO on the sidelines of ADIPEC 2026: Since the Strait of Hormuz disturbances, nearly a billion barrels have been removed from global stocks The world has exhausted its protective supply reserves Diesel stocks in some markets have reached their lowest levels in 35 years for this time of the season Shipping and logistics costs have become more than 30% of the cost of one barrel following the unrest, compared to 5% before the Iran war. This new reality means we must expand strategic storage and provide flexible refining capabilities closer to consumer markets.