The CEO of the Abu Dhabi National Oil Company warned that since the beginning of the war of aggression against Iran, nearly one billion barrels of oil have been eroded from the world’s reserves and reserve energy reserves.
Sultan Al-Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), says that since the beginning of the aggressive and selective war of the United States and the Zionist regime against Iran, the reserve energy reserves of the world have been exhausted and nearly one billion barrels of oil have been drained from the world reserves.
The Republic of Azerbaijan Report Agency reported by publishing this article: Al-Jaber said at an energy conference in Abu Dhabi that transportation and logistics costs have increased to more than 30% of the cost of a barrel of oil, while this figure was 5% before the war.
He added that diesel stocks in some markets have reached the lowest level in the last 35 years for this season of the year.
“This new reality means we need broader strategic storage and more flexible refining capacity closer to consumer markets,” he said.
The warning of this Emirati official comes after the closure of the Strait of Hormuz, through which about 20% of the world’s consumption of petroleum liquids passes, as a result of the selective and aggressive American-Zionist war, has caused a shock to the global energy markets and increased household costs.
The Trump administration, which is facing a severe shortage of diesel fuel in the United States due to the consequences of the Iran war, has tried to control the price in the markets with contradictory and baseless statements, including that Iran has no control over the Strait of Hormuz.
Oil-producing countries have been forced to release emergency reserves due to new conditions, and many other countries have asked their citizens to consume fuel efficiently due to the lack of fuel.
Tehran, which is under the illegal sea blockade of the Trump administration, has emphasized that the Strait of Hormuz will remain closed until its conditions for the end of the war are met.
