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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 collapse in demand, because wealthy countries are drawing down inventories and paying high prices to secure supply. But traders are now warning that a severe demand pullback is coming. Traders say the longer the Strait of Hormuz is closed, the more consumption will need to be adjusted downward to match supplies that are down at least 10%. To achieve this, people will have to cut purchases—either by facing prices they can’t afford or through government-mandated interventions to suppress consumption. Saad Rahim, chief economist at Tok Group, said that demand destruction is occurring in those non-obvious pricing centers. This contraction is already happening, but if it continues, the scale of the demand pullback will only grow larger. We are at a critical turning point. (Source: PANews)
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