Abu Dhabi National Oil Company (ADNOC) CEO Sultan Ahmed Al-Jaber (pictured) said on Monday that global oil reserves were reduced by nearly one billion barrels amid the Iran crisis and the closure of the Strait of Hormuz. Speaking at Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), the executive noted that shipping and logistics costs have climbed to more than 30% of the price per barrel of oil, compared to just 5% before the war. Furthermore, Al-Jaber stressed that diesel inventories in some markets dropped to their lowest levels in 35 years for this time of year. “This new reality means we need expanded strategic storage and flexible refining capacity closer to consumer markets,” the CEO added.
NN: Don’t let them fool you. Any talk of a deal with Iran is a stall strategy to buy Iran time to build nukes. Keep you eye on the money ball. Their is not enough oil being produced and not enough oil refined to meet demand!