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ReportedShipping, energy & marketsAbu Dhabi, United Arab Emirates

ADNOC chief says Hormuz disruption has drained nearly 1 billion barrels from inventories

Mountain Time
Local time
1:30 PM UTC
Where
Abu Dhabi, United Arab Emirates

ADNOC chief executive Sultan Al Jaber said at the ADIPEC conference that Strait of Hormuz disruption has drawn nearly 1 billion barrels from global oil inventories. He said some diesel stocks had fallen to their lowest seasonal levels in 35 years and cited an LNG supply gap of 600 billion cubic feet.

Why it matters

Lower inventories and product stocks reduce the cushion available to consuming countries if Hormuz traffic suffers another interruption.

Source

Confidence: Published by a named news organization. Not yet independently confirmed. About confidence labels