April oil demand slump reflects supply squeeze, not price pain: JPMorgan

Global oil demand is falling due to supply shortages, not high prices. This is a forced demand loss. Supply disruptions surged in March and April. Spare production capacity was unavailable. Global oil inventories declined significantly. Oil prices are not at extreme levels. The Middle East, Asia, and Africa saw the biggest demand drops. Petrochemicals and aviation are hardest hit.

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