ADNOC CEO warns of global energy reserve depletion

ADNOC Sultan Al Jaber Strait of Hormuz energy security crude oil reserves

Sultan Al Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), has warned that the global energy industry must fundamentally restructure its generation, protection, and supply methods. Speaking at the ADIPEC conference, Al Jaber stated that disruptions in the Strait of Hormuz, linked to the conflict between the United States and Iran, have drained approximately one billion barrels of crude oil from global safety stocks since late February.

Al Jaber highlighted critical vulnerabilities in international supply chains, noting that diesel stocks in certain markets have reached their lowest seasonal levels in 35 years. Additionally, some regions are facing a liquefied natural gas (LNG) supply deficit of 600 billion cubic feet. He also pointed out a significant shift in logistics costs, which have risen from less than 5% of a barrel's cost to over 30% due to current disruptions.

In a related development, Ecuador has signed a strategic memorandum of understanding with ADNOC to enhance cooperation in the petroleum sector. The agreement aims to attract investment, incorporate new technology, and facilitate the direct marketing of Ecuadorian crude in Asian, European, and African markets without intermediaries.

Entities

ADNOC · Abu Dhabi National Oil Company · Alpha Bank · Athens Stock Exchange · Bank of Greece · Brent crude · EP Petroecuador · Eurobank · Goldman Sachs · Helleniq Energy · International Energy Agency · Motor Oil

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] Goldman Sachs predicts Brent crude could reach $140 per barrel in 2027 if Gulf production remains 3.5 million barrels per day below 2025 averages. almanartv.com.lb · www.elbalad.news
[● 8 SOURCES] Approximately one billion barrels of oil have been withdrawn from global stocks due to navigation disruptions in the Strait of Hormuz. almanartv.com.lb · www.astratv.gr · www.elbalad.news · eldinero.com.do · lajornadasanluis.com.mx · +2 more
[● 6 SOURCES] Some regions face a 17 billion cubic meter deficit in liquefied natural gas (LNG). www.astratv.gr · eldinero.com.do · www.worldenergynews.gr · lajornadasanluis.com.mx · revistaplus.com.py
[● 2 SOURCES] Iranian negotiators are in Doha for the third consecutive day to discuss an agreement to end the US-Israeli war on Iran. almanartv.com.lb · www.elbalad.news
[● 6 SOURCES] Shipping and logistics costs have increased to 30% of the cost of a barrel of oil. www.astratv.gr · eldinero.com.do · lajornadasanluis.com.mx · revistaplus.com.py · www.worldenergynews.gr
[● 6 SOURCES] Diesel stocks in some regions have reached their lowest levels in 35 years. www.astratv.gr · eldinero.com.do · lajornadasanluis.com.mx · revistaplus.com.py · www.worldenergynews.gr
[● 4 SOURCES] Brent crude is trading near 110 dollars per barrel. www.worldenergynews.gr · www.astratv.gr · lajornadasanluis.com.mx · revistaplus.com.py
[○ 1 SOURCE] Ecuador and ADNOC signed a memorandum of understanding to enhance petroleum sector cooperation. diariolosandes.com.ec