Global diesel fuel reserves have reached a 35-year low amid the conflict in the Middle East. This was stated by the head of the Abu Dhabi National Oil Company (ADNOC), Sultan bin Ahmed al-Jaber, as reported by TASS.

Since the collapse of the Strait of Hormuz, diesel fuel reserves in some markets have been at a 35-year low for the current season, al-Jaber said, speaking at the international ADIPEC 2026 conference. The CEO of ADNOC also noted that other markets are facing a shortage of liquefied natural gas supplies.

According to al-Jaber, since the disruption of shipping in the Strait of Hormuz, almost 1 billion barrels of oil have been withdrawn from global reserves. At the same time, logistics costs have increased to 30% of the cost of a barrel, compared to 5% before the start of the conflict with Iran.

On February 28, the US and Israel launched a military operation against Iran. In June, Washington and Tehran signed a memorandum of understanding on the cessation of hostilities on all fronts, including Lebanon. However, on the night of July 8, the US resumed large-scale strikes against Iran, accusing it of violating agreements on the Strait of Hormuz, through which about 25% of the world's oil trade and 20% of liquefied natural gas pass. Later, the US administration effectively signaled the cessation of the use of large-scale military force against Iran and the transition to an attempt to economically strangle it through sanctions.

Belta