Warnings on Permanent Oil Demand Destruction Begin Pouring In
Warnings are multiplying that the oil supply shock caused by the war in the Middle East is going to cause permanent changes in demand patterns. The longer the war continues, the higher the chances are of those changes materializing as lost barrels pile up. There is up to 1 billion barrels of oil in lost supply, “all but guaranteed”, Bloomberg reported last week, noting that demand is already being destroyed in Asia. Yet the destruction is spreading across the world slowly and quietly, but surely, as governments are about to run out…