The Vitol Group has warned that European and American countries still do not realize the seriousness of the shortage of oil supply.

Senior executives in the Middle East region of the Vito Group say that many Western governments still do not realize the global impact of the blockage of the Strait of Hormuz on oil supply. "I think in Europe and the United States, people are not alert enough and are still living as usual," said Tom Baker, a member of the Vito board, at the S&P Global Middle East Oil and Gas Conference in London. With crude oil prices nearing $100 per barrel, prices and volatility of petroleum products such as gasoline, diesel, and aviation fuel have seen a significant increase. This has led to a decrease in demand in many developing countries, particularly in parts of Asia and Africa. Vito predicts a global demand reduction of around 400,000 barrels per day, as countries postpone purchasing crude oil in the hope that a potential resolution to the Iran war will lead to a drop in oil prices.