According to Vitol's Tom Baker, why are Europe and the US 'asleep at the wheel' regarding the global oil supply crunch?

Tom Baker, a Vitol board member, stated that European and U.S. governments are failing to acknowledge or act on the oil supply crunch caused by the Strait of Hormuz blockade, continuing 'life as normal' despite rising crude prices near $100/barrel and sharper spikes in gasoline, diesel, and jet fuel prices; he noted that while UK officials recognize the crisis, they avoid public messaging urging behavioral change, and U.S. demand has barely fallen, with people still driving normally.

What does Vitol estimate as the scale of global oil demand destruction, and what is driving it?

Vitol estimates global demand destruction at around 4 million barrels per day, driven primarily by developing countries—especially in Asia and parts of Africa—delaying oil purchases in anticipation of lower prices following a resolution to the Iran war, while richer countries have mitigated the impact using strategic stockpiles.

Vitol Says Europe and US Aren't Facing Up to Oil Supply Crunch

Jun 2, 2026

Vitol warns Western governments underestimate the oil supply crunch from the Strait of Hormuz blockade. Prices near $100/barrel have caused an estimated 4 million barrels per day in global demand destruction.

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