Global Commodities: Can the world live with 9% less oil?

We spent last week in China, and the most striking takeaway from our meetings was not simply that oil demand has fallen, it was that it did so abruptly, unexpectedly, and with remarkably little visible disruption. In this episode, we run you through our observations and explain the structural oil demand shifts that we may see in the coming years.     Speaker:  Natasha Kaneva, Head of Global Commodities Research   This podcast was recorded on May 29, 2026.   This communication is provided for information purposes only. Institutional clients can view the related report at https://www.jpmm.com/research/content/GPS-5317328-0, for more information; please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.