Why isn’t the remaining 80% of global oil production enough?

The Straight of Hormuz closure has disrupted 20% of total global oil supply, but why can’t we survive on the remaining 80% ? The general media narrative is that we are all officially cooked, we’re teetering on a global recession and could possibly be facing a shutdown equivalent to Covid. Obviously there should be gaps in supply and price increases, but surely with 80% still being available we shouldn’t be in a societal free-fall?