ADNOC CEO urges more oil storage and refining closer to consumers amid Hormuz disruption

At ADIPEC on Nov. 2, ADNOC chief Sultan Al Jaber urged bigger strategic storage and fuel stockpiles, plus flexible refining nearer consumers. He put the global inventory drawdown since the Strait of Hormuz shipping disruption at nearly 1 billion oil barrels and cited 35-year seasonal diesel stockpile lows in some areas. He also put shipping and logistics at 30% of a barrel’s cost, up from 5% before the Iran war.