Following the war against Iran, nearly a billion barrels of oil were removed from global reserves/diesel prices reached unprecedented highs in many markets. Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company, announced on Monday, November 2 that nearly a billion barrels of oil have been removed from global reserves since the disruption of shipping in the Strait of Hormuz following the US-Israeli war against Iran. He added at the ADIPEC conference in the United Arab Emirates: "Diesel stocks in some regions at this point in the season are at their lowest level in the last 35 years, while other regions face a supply gap of 600 billion cubic feet of liquefied natural gas (LNG). "The price of diesel fuel in many markets has reached unprecedented highs and is considered a threat in terms of inflation and rising living costs for governments and consumers. "We need expanded strategic storage, larger product inventories and flexible refining capacity close to consumer markets," stated Al-Jaber. According to him, infrastructures must be built before the need and supported through advanced transportation systems. The CEO of the National Oil Company of Abu Dhabi added that the cost of transportation has increased from 5% of the cost of a barrel before the Iran war to 30% of the cost of a barrel now. The price of Brent crude oil currently stands at about $110 per barrel; That is, 50% more than its price before the start of the war between Israel and America against Iran. In October, the International Energy Agency agreed to release more than 20 million barrels of diesel from its reserves and supply them to the markets.

Following the war against Iran, nearly a billion barrels of oil were removed from global reserves/diesel prices reached unprecedented highs in many markets. Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company, announced on Monday, November 2 that nearly a billion barrels of oil have been removed from global reserves since the disruption of shipping in the Strait of Hormuz following the US-Israeli war against Iran. He added at the ADIPEC conference in the United Arab Emirates: "Diesel stocks in some regions at this point in the season are at their lowest level in the last 35 years, while other regions face a supply gap of 600 billion cubic feet of liquefied natural gas (LNG). "The price of diesel fuel in many markets has reached unprecedented highs and is considered a threat in terms of inflation and rising living costs for governments and consumers. "We need expanded strategic storage, larger product inventories and flexible refining capacity close to consumer markets," stated Al-Jaber. According to him, infrastructures must be built before the need and supported through advanced transportation systems. The CEO of the National Oil Company of Abu Dhabi added that the cost of transportation has increased from 5% of the cost of a barrel before the Iran war to 30% of the cost of a barrel now. The price of Brent crude oil currently stands at about $110 per barrel; That is, 50% more than its price before the start of the war between Israel and America against Iran. In October, the International Energy Agency agreed to release more than 20 million barrels of diesel from its reserves and supply them to the markets.