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Economist: The shock from the closure of the Strait of Hormuz is about to crush demand

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ME News, April 26 (UTC+8): The oil shock in the Strait of Hormuz has not yet led to a demand collapse, as wealthy countries are drawing on inventories and paying high prices to secure supply. But traders are now issuing warnings: a severe demand contraction is about to come. Traders say that the longer the Strait of Hormuz is shut, the more consumption will need to be adjusted downward to match at least a 10% drop in supply. To achieve this, people will have to buy less—either by facing unaffordable prices or through government-mandated intervention to suppress consumption. Saad Rahim, chief economist at TOC Group, said that demand destruction is occurring in those non-obvious pricing centers. This contraction is already underway, but if it continues, the scale of demand contraction will only grow larger. We are at a critical turning point. (Source: PANews)
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