Sultan al-Jaber, CEO of Abu Dhabi National Oil Company (ADNOC), stated that global oil inventories have been depleted by nearly 1 billion barrels since the US-Israel war against Iran began, eroding the world's energy buffer capacity. He noted that shipping and logistics costs have surged from 5% pre-war to over 30% of oil prices, with diesel inventories in some markets falling to a 35-year low. Al-Jaber emphasized that this new reality necessitates expanding strategic reserves and more flexible refining capabilities to cope with market changes.