One billion barrels less. Global oil reserves are dwindling

Al-Dżaber highlighted that diesel reserves in some regions have reached a 35-year low, while others face a significant shortage of LNG. He emphasized the need to build strategic reserves and flexible refining capacities closer to markets. Transport costs have surged to 30% of oil barrel value due to disruptions from the U.S.-Iran conflict, compared to just 5% before. Diesel prices have hit record highs, with Brent crude now around $110 per barrel, a 50% increase since February. In response, the IEA released over 20 million barrels of diesel to stabilize prices, as global commercial stocks fell below 6 billion barrels.