The chief executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Al Jaber, said that global reserves have shrunk by nearly 1 billion barrels because of the closure of the Strait of Hormuz.

Speaking in Abu Dhabi, he said diesel fuel reserves in some countries are at their lowest seasonal levels in 35 years and that other nations face a supply deficit of 600 billion cubic feet of liquefied natural gas (LNG).