At ADIPEC, UAE Minister Sultan Al Jaber warned of Hormuz energy disruptions:
Politics · · UAE, United Arab Emirates
At ADIPEC, UAE Minister Sultan Al Jaber warned of Hormuz energy disruptions:
• Nearly 1 billion barrels drawn from reserves.
• Diesel stocks at 35 year seasonal lows in some markets.
• 600 billion cubic feet of LNG supply shortfall.
• Oil logistics costs surged from under 5% to over 30% per barrel.
He urged diplomacy, preparedness, strategic reserves and alternative supply routes.
Al Jaber also announced that ADNOC will become the first energy company to deploy OpenAI Frontier across field development, well management and commercial operations.
Source: @Open Source Intel