ADNOC chief says the Strait of Hormuz disruption has led to a drawdown of nearly 1 billion barrels from global inventories.

The chief executive of Abu Dhabi National Oil Company reported that disruption in the Strait of Hormuz has drawn nearly 1 billion barrels from global oil inventories. The transmission mechanism runs through physical supply tightness: a sustained loss of flows through a chokepoint that carries a large share of seaborne crude and refined products forces consumers to draw on storage, which reduces the buffer that normally absorbs outages and shifts the forward curve toward backwardation. Assets most exposed include Brent and Dubai crude benchmarks, Middle Eastern export-dependent equities and sovereign credit, and freight and insurance rates for tankers transiting the Gulf. Traders should watch the next weekly EIA inventory report and OPEC+ production commentary, since confirmation of further stock draws or a lack of spare capacity response would reinforce upward pressure on prompt spreads.

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