Sultan Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), said on Monday, 11 Aban, at the opening of the ADIPEC 2026 energy exhibition that since disruptions in shipping through the Strait of Hormuz following the Iran war, nearly one billion barrels have been drawn from the world’s oil reserves.

He warned that diesel reserves in some markets have fallen to the lowest seasonal level in the past 35 years, and some markets are facing a shortage of 600 billion cubic feet of liquefied natural gas. According to Al Jaber, the share of transportation costs and logistics services in the price of every barrel of oil has increased from less than five percent before the disruption in the Strait of Hormuz to more than 30 percent.

Al Jaber emphasized that energy security is no longer only dependent on the level of production, but also on the ability to transfer it safely to markets. He called for increasing strategic reserves, strengthening energy transfer routes, and using advanced technologies, and said that the UAE continues to support diplomacy to restore stability to energy markets.