The Iran War Has Already Destroyed 1.6 Million Bpd in Oil Demand

The war in the Middle East and the oil price surge it caused have destroyed 1.6 million barrels daily in demand, ING commodity analysts said in a note today, adding that this is nowhere near the rate of supply destruction. This has been estimated at between 13 million bpd and 14 million bpd as of late April, according to various sources, including the International Energy Agency. As talks between the United States and Iran remain suspended with on end of the Strait of Hormuz freeze, traders are starting to realize the supply disruption could last…