Since the conflict began in late February, the world has lost roughly 11.1 million barrels per day of oil supply, or roughly 10% of global demand. That loss has drawn down global inventories to record lows, according to a team of JPMorgan strategists led by Natasha Kaneva. Global oil demand is now expected to decline by 1 million barrels per day this year, according to the International Energy Agency's latest monthly oil market report, even as a "recovery in world oil demand is underway." Read more: How oil price shocks ripple through your wallet, from gas to groceriesGlobal oil demand has fallen further and faster than previously expected, per JPMorgan. (Chart: JPMorgan) · JPMorganThe question for oil market watchers is where that demand destruction came from and how sustainable it is.