Where New Production Would Come From

In Episode 474 of Hidden Forces, Demetri Kofinas speaks with commodity economist and energy market analyst Rory Johnston — founder of CommodityContext.com and host of the Oil Ground Up Podcast — about the mechanics and cascading consequences of the Strait of Hormuz closure, now entering its second month, and what the two most plausible resolution scenarios mean for energy prices, regional security, and the global economy.

Recorded as part of an ongoing short-form series tracking the US and Israeli military campaign against Iran, the episode examines why the full physical impact of the supply disruption is only now reaching end markets across Asia, Europe, and North America, how the oil market is fracturing across both time and space, and why middle distillates — things like diesel and jet fuel — have become the epicenter of the crisis. Rory and Demetri also discuss how importing nations and companies are responding through emergency reserve releases, demand rationing, and accelerated behavioral changes.

The conversation then turns to the long-term structural consequences of the shock — what it means for electrification and alternative energy adoption in Asia, for strategic stockpiling and supply chain resilience, and for non-OPEC production capacity across the US shale patch, Guyana, Canada, Brazil, and Argentina. They close by examining the geopolitical dimensions of the crisis, including the role of the Houthis, the risk of a secondary closure of the Bab el-Mandeb Strait, and the possibility that Trump — having set off an open-ended conflict — may ultimately abandon long-standing US security commitments to the Gulf States, leaving the region in chaos.

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Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 04/01/2026