ADNOC chief says nearly 1 billion barrels drained from global oil inventories since Iran war disrupted Hormuz shipping

Nearly one billion barrels of crude have been drawn from global inventories since the U.S.-Israeli war on Iran disrupted shipping through the Strait of Hormuz, ADNOC Group CEO Sultan Al Jaber said Monday.

Speaking at the opening of ADIPEC 2026 in Abu Dhabi, Al Jaber said the disruption had sharply eroded the world’s energy supply buffers. Diesel stocks in some markets are now at their lowest seasonal levels in 35 years, while others face an LNG supply gap of about 600 billion cubic feet.

“Simply put, the world has eroded its supply buffers,” Al Jaber said.

He said shipping and logistics accounted for less than 5% of the cost of a barrel before the disruption but now exceed 30%, arguing that energy security can no longer be measured by production alone.

Al Jaber called for expanded strategic storage, larger product stockpiles, flexible refining capacity closer to consumers and stronger logistics infrastructure to withstand future supply shocks.

Brent crude was trading around $110 a barrel on Monday, roughly 50% above its February level before the war began.