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JP Morgan warns oil demand is falling from supply shocks not cheap prices
Economy
Published on 28 April 2026
The real culprit is disruption not demand weakness
JP Morgan says the recent drop in global oil demand is being driven more by rising supply disruptions than by sub-$100 oil prices. The bank describes this as a “forced demand loss,” meaning demand is slipping because markets can’t reliably get supply, rather than because consumers are cutting usage due to high costs.
- Oil demand is falling despite relatively low prices
- Supply disruptions are rising sharply, per JP Morgan
- JP Morgan calls it “forced demand loss,” not demand destruction
- Implications could shift forecasts for crude and refining margins
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This summarization was done by Beige for a story published on 
Republic