One million barrels of oil reserves and petroleum products have already been tapped Global oil reserves have fallen by nearly a billion barrels since the US-Israeli war against Iran disrupted shipping traffic through the Strait of Hormuz, ADNOC chief Sultan Al Jaber said while speaking at the ADIPEC conference in the United Arab Emirates. According to Al Jaber, the fuel and gas situation remains tense, with diesel stocks in some regions falling to a 35-year low for this time of year, and other markets facing a 600 billion cubic foot shortage of LNG. Al Jaber also noted that shipping and logistics costs have risen to 30% of the cost of a barrel, while before the war with Iran this figure was 5%. Oil and capital we are in Max.

One million barrels of oil reserves and petroleum products have already been tapped Global oil reserves have fallen by nearly a billion barrels since the US-Israeli war against Iran disrupted shipping traffic through the Strait of Hormuz, ADNOC chief Sultan Al Jaber said while speaking at the ADIPEC conference in the United Arab Emirates. According to Al Jaber, the fuel and gas situation remains tense, with diesel stocks in some regions falling to a 35-year low for this time of year, and other markets facing a 600 billion cubic foot shortage of LNG. Al Jaber also noted that shipping and logistics costs have risen to 30% of the cost of a barrel, while before the war with Iran this figure was 5%. Oil and capital we are in Max.