ADNOC Warns Global Oil Reserves Draining Rapidly Amid Strait of Hormuz Disruptions
According to the International Desk of Webangah News Agency, …
Addressing the ongoing energy market instability, the chief executive of the UAE’s ADNOC oil company stated that the closure and subsequent disruption of the Strait of Hormuz have forced the release of nearly one billion barrels of crude oil from global storage tanks.
The senior official further emphasized that the rapid depletion of these massive inventories places the world on an unsustainable trajectory regarding its remaining petroleum resources.
Previously, Sultan Ahmed Al Jaber, CEO of ADNOC, insisted that even if regional conflicts in the Middle East were to subside, the full resumption of normal oil exports through the Strait of Hormuz would not occur until the first half of 2027. This outlook, widely regarded as one of the most pessimistic assessments among senior energy executives, highlights the profound long-term economic consequences stemming from the conflict involving Iran and security developments across the Persian Gulf.
