IEA 5-year oil market outlook also sees global demand growth losing momentum Unconventional oil revolution to spread beyond North America by end of decade
Oil includes crude oil, condensates, natural gas liquids, refinery feedstocks and additives, other hydrocarbons (including emulsified oils, synthetic crude oil, mineral oils extracted from bituminous minerals such as oil shale, bituminous sand and oils from CTL and GTL) and petroleum products (refinery gas, ethane, LPG, aviation gasoline, motor gasoline, jet fuels, kerosene, gas/diesel oil, heavy fuel oil, naphtha, white spirit, lubricants, bitumen, paraffin waxes and petroleum coke).
The IEA follows short- and medium-term developments on the international oil market to help member governments respond promptly and effectively to changes in market conditions. The IEA prepares current oil market assessments from information submitted by IEA member and non-member countries, international oil companies and via an extensive network of market intelligence contacts. Issues covered include: oil exploration and production, oil demand by main product and sector, upstream and downstream investment levels, geopolitical developments, inventory levels, oil refining and international trade in crude and products.