ADNOC Chief Says World Has “Eroded Its Supply Buffers”

The world needs strategic storage and refining capacity closer to consumers after 1 billion barrels of oil have been drained from global inventories following the disruption of Strait of Hormuz traffic, ADNOC’s chief executive Sultan Al Jaber said on Monday. The global energy system needs to be more resilient as the Middle East crisis has forced nearly 1 billion barrels of crude draws from inventories, Al Jaber said at the ADIPEC 2026 energy conference in Abu Dhabi.

Diesel stocks in some markets have slumped to their lowest seasonal levels in 35 years, while other markets are facing an LNG supply gap of 600 billion cubic feet. “Simply put, the world has eroded its supply buffers,” Al Jaber said.