Hormuz Disruptions Drain 1 Billion Barrels From Global Oil Inventories, ADNOC Warns

Global energy markets are facing critically depleted supply buffers after shipping disruptions in the Strait of Hormuz drained nearly 1 billion barrels of crude oil from global inventories, according to ADNOC CEO Sultan Al Jaber. Speaking at the ADIPEC 2026 conference, Al Jaber noted that shipping costs have surged from less than 5% to over 30% of a barrel's total cost amid regional conflict involving the U.S., Israel, and Iran. In addition, diesel inventories in key markets have hit 35-year seasonal lows, while natural gas markets face a 600 billion cubic feet LNG supply deficit.