[UAE executive: Global oil inventories are 1 billion barrels lower than before the Iran war] On November 2, Al-Jabir, CEO of Abu Dhabi National Oil Company in the United Arab Emirates, said that global oil inventories have decreased by 1 billion barrels since the conflict between the United States and Iran in late February caused shipping obstruction in the Strait of Hormuz. Jaber said at the Abu Dhabi International Petroleum Exhibition and Conference that day that diesel inventories in some areas have fallen to the lowest level in 35 years, and the LNG supply gap in some areas has reached 16.99 billion cubic meters. Jaber said: "We need to expand strategic reserves, increase product inventories and increase flexible refining capabilities closer to the consumer market... Infrastructure must be built in advance of need and guaranteed by advanced logistics." Brent crude oil futures prices recently exceeded $110 per barrel, up about 50% from before the outbreak of the war in Iran. Jaber said shipping and logistics costs have risen to 30% of the cost of a barrel of oil, compared with only 5% before the war in Iran. (Xinhua News Agency)