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).

OMR: The first cut is the deepest

OPEC appears to have made a solid start in its agreed production cuts (Photograph: Shutterstock) More »»

Lower oil prices are driving down investment and energy efficiency

Latest data show oil sector investment declined in 2015 and 2016 More »»

A look at the impacts of low prices, new technologies and the growth of renewables More »»

Global oil supply growth plunging, with US taking biggest hit for now

IEA medium-term report sees oil market rebalancing in 2017, but investment cuts pose supply security risks down the road More »»

About oil

The IEA makes much of this information and analysis available to governments, industry and the public in its monthly Oil Market Report, through the associated Monthly Oil Data Service and, twice per year, in the Medium Term Oil Market Report (MTOMR).

For the latest Oil Market Report available to the public, click here.
For the latest Oil Market Report available to subscribers, click here.

For more information on oil and gas emergency policies in individual IEA member countries, click here


Our focus

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.

Fast facts

  • 60% price dropAfter years of relatively stable, record-high prices, the oil market collapsed by roughly 60% from its June 2014 high above USD 115/bbl for front-month ICE Brent to below USD 46/bbl in January 2015.
  • 5.2 million barrelsSupply predicted to grow far more slowly than previously projected, but global capacity is still forecast to expand by 5.2 million barrels per day by 2020.