The cost of shipping and logistics has risen to 30% of the cost of a barrel, from 5% before the Iran war. (Adnoc pic)ABU DHABI: The world has eroded its supply buffers by draining nearly 1 billion oil barrels from global inventories since the US-Israeli war on Iran disrupted shipping through the Strait of Hormuz, the CEO of Abu Dhabi's state-owned oil company ADNOC said.
Diesel stockpiles in some areas are at 35-year lows for this time of the season, while others face an LNG supply gap of 600 billion cubic feet, Sultan Al Jaber added on Monday at the UAE's ADIPEC conference.
Prices of diesel in many markets have surged to record highs, boosted by wartime supply disruptions and pose inflation and cost-of-living threats to governments and consumers.
