The global rise in energy prices is beginning to negatively affect the volume of demand, according to the head of the Asian business of the world’s largest oil trader Vitol Mike Mueller. Consumers are being hit by rising prices for gasoline, diesel and other products, Mueller noted on the Gulf Intelligence podcast.

“There’s very clear evidence of economic stress caused by higher prices, and many see it as signaling a reduction in demand,” he said. – “This is not just about oil, but also liquefied natural gas.

Prices for refined products have hit record highs in the U.S. this year and have risen in most other countries, contributing to a sharp rise in inflation around the world. Refining margins for WTI crude reached $50 a barrel, more than triple the average over the past 20 years, Bloomberg notes.

“Refining margins have risen to levels no one could have predicted,” Mueller noted. – Experts agree that there can be no further rise in them.”