Oil prices rose 28% last quarter due to OPEC+ output cuts and supply constraints in Saudi Arabia and Russia.

JPMorgan analysts predict a drop in oil demand this quarter as prices near $90 per barrel.

Demand restraint from rising oil prices is visible in the US, Europe, and some EM countries.

China and India drove global oil demand growth this year, but China drew on domestic crude inventories after oil prices rose.

US gasoline demand exceeded expectations in the first half of the year, but the spike in gasoline prices depressed demand.