Nearly 1 billion oil barrels drained from global inventories since Hormuz disruption, ADNOC CEO says

Nearly one billion barrels of crude and refined oil have been drawn from global inventories since disruption in the Strait of Hormuz, according to the chief executive of Abu Dhabi National Oil Company (ADNOC). The reported drawdown points to a supply shock transmitted through physical inventory depletion rather than through price alone, as the buffer that normally absorbs disruptions is being consumed. Crude benchmarks and Gulf-linked energy equities are most directly exposed, while refined product margins and freight rates for tankers transiting the Hormuz corridor are sensitive to the same disruption. Traders should watch the weekly U.S. Energy Information Administration inventory report and OPEC+ production commentary for signs of whether stock draws are accelerating or being offset by rerouted supply.

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