LIVE: Hormuz Disruption Drains Nearly 1 Billion Oil Barrels From Global Stocks, ADNOC CEO Says
Nearly one billion barrels of oil have been drained from global inventories since shipping through the Strait of Hormuz was disrupted by the US-Israeli war on Iran, ADNOC CEO Sultan Al Jaber said on November 2 at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
Al Jaber warned that the disruption has severely weakened global energy supply buffers. He said diesel stocks in some markets have fallen to their lowest seasonal levels in 35 years, while other markets face a 600 billion cubic feet gap in LNG supply.
He also highlighted the rising cost of transporting energy, saying shipping and logistics have increased from less than 5% to more than 30% of the cost of a barrel. He called for expanded strategic storage, larger stockpiles and more flexible refining capacity to strengthen energy security.
The conference also saw a major AI partnership announcement involving ADNOC, OpenAI and Abu Dhabi-based G42. OpenAI CEO Sam Altman attended the event and said the partnership could help transform ADNOC’s operations through advanced AI technology.
The developments come amid heightened tensions between the United States and Iran, with fears of further military action and retaliatory strikes weighing on energy markets.
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