# ADNOC's CEO says nearly 1bln of bbls were drained from global inventories since the Strait of Hormuz was disrupted and that the world has eroded its supply buffers, adds stocks of diesels in some markets are at 35yr lows for this time of the season | Newsquawk

> ADNOC's CEO said nearly 1 billion barrels have been drained from global inventories since the Strait of Hormuz was disrupted. Diesel stocks in some markets are at 35-year seasonal lows, and shipping costs have risen to 30% of a barrel's cost from 5% before the Iran war. The commentary also notes that diesel at seasonal lows has historically sustained rallies after the crude premium fades.

- Date: 2026-11-02 · published 2026-11-02T09:09:00.042Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/75236-adnoc-s-ceo-says-nearly-1bln-of-bbls-were-drained-from-global-inventories-since
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Low middle-distillate stocks leave diesel exposed to further upside, which lifts freight and processing costs for feed producers. Crude prices are supported by the depleted buffers and the rerouting premium.

## Read by commodity

- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DIESEL | 2023-01-31 | [US Diesel Supply Risks in the Era of Energy Security and Transition - Center on Global Energy Policy at Columbia University SIPA \| CGEP %](https://feedsoft.ai/events/37970-us-diesel-supply-risks-in-the-era-of-energy-security-and-transition-center-on.md) | -10.4% | -9.3% |
| DIESEL | 2026-09-15 | [US diesel prices hit new all-time high amid global supply disruptions, strong demand \| S&P Global](https://feedsoft.ai/events/17656-us-diesel-prices-hit-new-all-time-high-amid-global-supply-disruptions-strong.md) | -1.7% | -4.1% |
| DIESEL | 2026-10-27 | [Crisis in Strait of Hormuz will not be last of its kind : Singapore Energy Minister Tan warns of energy supply risks](https://feedsoft.ai/events/952-crisis-in-strait-of-hormuz-will-not-be-last-of-its-kind-singapore-energy.md) | -3.9% | — |
| DIESEL | 2026-03-05 | [Asia refining margins rocket to highest in nearly 4 years on Hormuz supply disruption \| Reuters](https://feedsoft.ai/events/5535-asia-refining-margins-rocket-to-highest-in-nearly-4-years-on-hormuz-supply.md) | +12.0% | +22.1% |
| DIESEL | 2026-10-29 | [IEA warns severe diesel supply crunch could grip markets into next year \| World Ports Organization](https://feedsoft.ai/events/1460-iea-warns-severe-diesel-supply-crunch-could-grip-markets-into-next-year-world.md) | -2.4% | — |
| BRENT | 2026-04-29 | [Crude oil price near three-week high as UAE leaves OPEC; Strait of Hormuz disruption, US-Iran tension persist \| Stock Market News](https://feedsoft.ai/events/19903-crude-oil-price-near-three-week-high-as-uae-leaves-opec-strait-of-hormuz.md) | -1.9% | -16.4% |
| BRENT | 2026-10-27 | [Crisis in Strait of Hormuz will not be last of its kind : Singapore Energy Minister Tan warns of energy supply risks](https://feedsoft.ai/events/952-crisis-in-strait-of-hormuz-will-not-be-last-of-its-kind-singapore-energy.md) | -3.8% | — |
| BRENT | 2026-04-01 | [How the Iran War Is Disrupting Global Oil and Gas Supply](https://feedsoft.ai/events/20364-how-the-iran-war-is-disrupting-global-oil-and-gas-supply.md) | -12.2% | -1.1% |

## Sources

- newsquawk.com: https://www.newsquawk.com/headlines/adnocs-ceo-says-nearly-1bln-of-bbls-were-drained-from-global-inventories-since-the-strait-of-hormuz-was-disrupted-and-that-the-world-has-eroded-its-supply-buffers-adds-stocks-of-diesels-in-some-markets-are-at-35yr-lows-for-this-time-of-the-season

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.