UAE minister says Hormuz disruptions pushed oil logistics costs from under 5% to over 30% per barrel

UAE Minister Sultan Al Jaber told ADIPEC that disruptions in the Strait of Hormuz have pushed oil logistics costs from under 5% to over 30% per barrel. He cited a 600 billion cubic feet LNG supply shortfall, nearly 1 billion barrels drawn from reserves and diesel stocks at a 35-year low.

Detected & updated continuously · Source: Nebula