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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, because wealthy countries are drawing down inventories and paying high prices to secure supply. But traders are now issuing warnings: a harsh demand reduction 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 supply that is at least down 10%. To achieve this, people will have to cut back on purchases—either by facing prices they can’t afford or through government-mandated interventions that suppress consumption. Saad Rahim, chief economist at Toke Group, said that demand destruction is happening in those “non-obvious” pricing centers. This contraction is already underway, but if it continues, the scale of the demand reduction will only keep getting bigger. We are at a critical turning point. (Source: PANews)
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