❗️Global oil stocks depleted by nearly one billion barrels since onset of US-Israeli war on Iran According to remarks delivered at the ADIPEC energy conference in Abu Dhabi, Abu Dhabi National Oil Company (ADNOC) CEO Sultan al-Jaber warned that global energy buffers have critically eroded following the outbreak of the US-Israeli war on Iran. Jaber revealed that nearly one billion barrels of crude oil have been drained from global inventories to offset severe supply disruptions caused by the blockade of key maritime transit corridors across the region. According to Al Jazeera, the Emirati oil chief highlighted the extreme operational pressures facing international energy distribution, noting that maritime shipping and logistics overheads have surged to absorb over 30 percent of the total cost of a barrel of crude oil, compared to just 5 percent prior to the US-Israeli war on Iran. Jaber added that middle distillate reserves have faced unprecedented depletion, with diesel inventories in major consumer markets plunging to 35-year seasonal lows as supply chain bottlenecks paralyze global fuel delivery networks. Reflecting on the systemic shock to global supply networks, Jaber stressed that the ongoing energy crisis demands an urgent structural overhaul of international fuel security paradigms. "This new reality means we need expanded strategic storage and flexible refining capacity closer to consumer markets," the ADNOC chief stated, calling on importing nations to establish localized reserves to cushion against prolonged maritime blockades and market volatility.