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Economist: The impact 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 across the Strait of Hormuz has not yet led to a demand crash, because wealthy countries are tapping their inventories and paying high prices to ensure supply. But traders are now issuing warnings: a severe demand contraction is about to come. Traders say the longer the Strait of Hormuz remains closed, the more consumption will need to be adjusted downward in order to match supplies that have declined by at least 10%. To achieve this, people will have to buy less—either by facing prices they can’t afford or by relying on the government’s forced intervention to suppress consumption. Saad Rahim, Chief Economist at Tok Group, said demand destruction is occurring in those less-obvious pricing hubs. This contraction is already underway, but if it continues, the scale of the demand contraction will only keep growing. We are at a critical turning point. (Source: PANews)
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