The global oil stock has been depleted by almost a billion barrels since the start of the war between the US and Israel in Iran, according to statements made at the ADIPEC energy conference in Abu Dhabi, the CEO of the Abu Dhabi National Oil Company (ADNOC), Sultan Al-Jaber, warned that global energy reserves have been critically depleted following the outbreak of the US-Israel war in Iran. Jaber revealed that close to a billion barrels of crude oil have been drained from global stocks to offset severe supply disruptions caused by the blockage of key maritime transit corridors across the region. According to Al Jazeera, the Emirati oil chief highlighted the extreme operational pressures facing international energy distribution, noting that maritime and logistics overheads have soared and absorbed over 30% of the total cost of a barrel of crude oil, compared to just 5% before the US-Israel war in Iran. Jaber added that middle distillate stocks faced unprecedented depletion, with diesel stocks in major consumer markets plunging to 35-year seasonal lows as supply chain bottlenecks paralyze global fuel supply networks. Given the systemic shock to global supply chains, Jaber emphasized that the ongoing energy crisis requires an urgent structural overhaul of international fuel security paradigms. "This new reality means we need expanded strategic storage and flexible refining capacity closer to consumer markets," the ADNOC chief stated, calling on importing countries to build domestic reserves to curb prolonged sea blockades and market volatility.

The global oil stock has been depleted by almost a billion barrels since the start of the war between the US and Israel in Iran, according to statements made at the ADIPEC energy conference in Abu Dhabi, the CEO of the Abu Dhabi National Oil Company (ADNOC), Sultan Al-Jaber, warned that global energy reserves have been critically depleted following the outbreak of the US-Israel war in Iran. Jaber revealed that close to a billion barrels of crude oil have been drained from global stocks to offset severe supply disruptions caused by the blockage of key maritime transit corridors across the region. According to Al Jazeera, the Emirati oil chief highlighted the extreme operational pressures facing international energy distribution, noting that maritime and logistics overheads have soared and absorbed over 30% of the total cost of a barrel of crude oil, compared to just 5% before the US-Israel war in Iran. Jaber added that middle distillate stocks faced unprecedented depletion, with diesel stocks in major consumer markets plunging to 35-year seasonal lows as supply chain bottlenecks paralyze global fuel supply networks. Given the systemic shock to global supply chains, Jaber emphasized that the ongoing energy crisis requires an urgent structural overhaul of international fuel security paradigms. "This new reality means we need expanded strategic storage and flexible refining capacity closer to consumer markets," the ADNOC chief stated, calling on importing countries to build domestic reserves to curb prolonged sea blockades and market volatility.