Commodities / NEWS UPDATE
ADNOC Chief Says World Has “Eroded Its Supply Buffers”
Published · 1 min read
ADNOC's CEO Sultan Al Jaber called for increased strategic storage and refining capacity closer to consumers after 1 billion barrels of oil were drained from global inventories due to the disruption of Strait of Hormuz traffic.
He outlined five steps to enhance energy resilience: expanding accessible supply with larger stockpiles and flexible refining capacity near consumer markets, ensuring accessible routes to market, building infrastructure before it is needed, and improving logistics. Diesel stocks in some markets have slumped to their lowest seasonal levels in 35 years, while other markets face an LNG supply gap of 600 billion cubic feet.