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Economists: 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 ensure supply. But traders are now issuing warnings: a severe reduction in demand is about to come. Traders say the longer the Strait of Hormuz remains closed, the more consumption will need to be adjusted downward to match supply that is at least 10% lower. To achieve this, people will have to cut back on purchases—either by facing prices they can’t afford or by relying on government-imposed coercive intervention to suppress consumption. Saad Rashim, chief economist at Toke Group, said that demand destruction is occurring in those less visible pricing centers. This contraction is already underway, but if it continues, the scale of demand destruction will only keep growing. We are at a critical turning point. (Source: PANews)
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