Sultan al-Jaber, CEO of the Abu Dhabi National Oil Company (ADNOC), says the world's energy buffers have eroded since the launch of the US-Israel war on Iran with nearly one billion barrels of oil drained from global inventories, Report informs referring to Al Jazeera.
Al-Jaber told an energy conference in Abu Dhabi that shipping and logistics costs have surged to more than 30 percent of the cost of a barrel of oil, compared with 5 percent before the war.
He added that diesel stocks in some markets have fallen to 35-year lows for this time of year.
"This new reality means we need expanded strategic storage and flexible refining capacity closer to consumer markets," he said.