JPMorgan: Global Oil Production Shutdown Could Reach 12 Million Barrels per Day

JPMorgan stated that due to ongoing shipping disruptions, the scale of global oil production shutdowns may rise to 12 million barrels per day next week. Natasha Kaneva, Head of Commodity Research, pointed out that the supply gap will force the market to balance by reducing consumption. However, this is not a traditional "demand destruction," as consumers still need fuels such as diesel, jet fuel, and liquefied petroleum gas, but supply shortages make it impossible to obtain these products.