Adnoc CEO Says Strait of Hormuz Disruption 'Drained' 1 Billion Barrels From Global Inventories

05:17 AM EST, 11/02/2026 (MT Newswires) -- Abu Dhabi National Oil Co. Group Chief Executive Sultan Ahmed Al Jaber said nearly 1 billion barrels of crude oil had been "drained" from global inventories since the disruption in the Strait of Hormuz. In his opening address at the ADIPEC 2026 event in Abu Dhabi on Monday, Al Jaber said diesel stocks in some markets had fallen to their lowest seasonal levels in 35 years, while others faced a 600 billion-cubic-foot liquefied natural gas supply gap. Al Jaber, who also serves as the United Arab Emirates Minister of Industry and Advanced Technology, highlighted the importance of addressing threats to energy security in his speech, Adnoc added.