The conflict in the Middle East has exacerbated the shortage of diesel and diesel stocks in several global markets have fallen to a 35-year low for this season, ADNOC chief Sultan Al-Jaber said. The reason is disruptions in shipping through the Strait of Hormuz. Since the beginning of the crisis, almost a billion barrels of oil have been removed from global reserves, and logistics costs have risen from 5 to 30% of the cost of the barrel. Other markets are already experiencing LNG shortages.

The conflict in the Middle East has exacerbated the shortage of diesel and diesel stocks in several global markets have fallen to a 35-year low for this season, ADNOC chief Sultan Al-Jaber said. The reason is disruptions in shipping through the Strait of Hormuz. Since the beginning of the crisis, almost a billion barrels of oil have been removed from global reserves, and logistics costs have risen from 5 to 30% of the cost of the barrel. Other markets are already experiencing LNG shortages.