ADNOC CEO: Global Oil Inventories Down 1 Billion Barrels Since Iran Conflict

The scale of the drawdown matters less as a headline number than as evidence of how quickly a single chokepoint disruption can erode global buffer stocks. ADNOC's framing carries weight because the Gulf's state producers are the most exposed to Hormuz risk, so a supply-side voice quantifying the shortfall signals that physical tightness, not sentiment, is driving the narrative. The open question is whether the inventory gap keeps widening as long as the disruption persists, and how much of it can be rebuilt once flows normalize.