Abu Dhabi National Oil CEO warns global oil reserves drained since start of war on Iran

Nearly one billion barrels of oil have been withdrawn from global reserves since the start of a war against Iran, and strategic energy stocks have been eroded, the CEO of Abu Dhabi National Oil Company said, according to Etemad and Shargh. He told an energy conference in Abu Dhabi that transportation and logistics costs have risen to more than 30% of the cost of a barrel—up from 5% before the war. He also said diesel inventories in some markets are at their lowest for this season in 35 years.