00:00Nearly 1 billion barrels of oil have been drawn from global inventories since the war with Iran disrupted shipping through
00:07the Strait of Hormuz.
00:08Adnok Chief Executive Sultan Adjabeir says the world's supply buffers have been eroded,
00:14warning that diesel stockpiles in some regions are at their lowest levels for this time of the year in 35
00:21years.
00:23Speaking in Abu Dhabi, he warned that record diesel prices and rising logistics costs are adding to inflationary and cost
00:31-of-living pressures.
00:32Before the disruption, shipping and logistics were less than 5% of the cost of a barrel.
00:40Today, they are more than 30%.
00:44In short, energy security is not only measured at the point of production.
00:52It is now also measured at the point of delivery.
00:58He called for expanded strategic storage, larger fuel stockpiles and more flexible refining capacity.
01:05The International Energy Agency has already agreed to release more than 20 million barrels of diesel,
01:12along with any remaining oil from a record emergency reserves release pledged in March.
01:17The international benchmark Brent is trading around 110 US dollars a barrel,
01:23up from 50% from February, just before the US-Israeli war on Iran began.
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