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            • Oil Market Report - June 2026

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                • Country

                Luxembourg

                Luxembourg has a fossil fuel intensive energy mix driven by a high demand for transportation fuels, notably from transiting freight trucks and commuters. Despite this demand, the country is committed to reducing emissions. Its climate law sets targets for a 55% emission reduction by 2030 and climate neutrality target by 2050. The government has adopted numerous measures to push for energy transition, including a carbon tax which was introduced in 2020 and encouraging renewable generation through subsidies and auctions. Several programmes also support energy efficiency in buildings, industry and transportation, with a target for 49% of all passenger cars to…

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                • Country

                Equatorial Guinea

                Electrification rates are relatively high in Equatorial Guinea at 66%. The country began oil production in the late 1990s and began LNG exports in 2007.

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                • Country

                Korea

                Korea has set a target of reaching carbon neutrality by 2050 by substantially increasing the share of renewable energy sources, gradually phasing out coal, significantly improving energy efficiency and fostering the country’s nascent hydrogen industry. Korea’s energy sector is characterised by a dominance of fossil fuels, a strong dependence on energy imports and one of the highest shares of industrial energy use among IEA countries. Korea aims to leverage the fourth industrial revolution for its energy transition and to foster green growth by means of low-carbon technologies and clean energy. Due to Korea’s high share of…

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                • Country

                New Zealand

                New Zealand has a diversified energy mix, with significant production of both hydropower and geothermal. As the country embarks on an ambitious energy transition, it has many natural advantages, including a strong renewable resource base. New Zealand already has a low-emissions electricity system, with over 80% of electricity coming from renewable sources. The key challenge will be to decarbonise other end-use sectors through clean power and support investments in new technologies to achieve deeper emissions cuts across all sectors. Notably, the transport sector accounts for the highest share of emissions and is almost entirely dependent on oil while…

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                • Country

                Portugal

                Portugal is supporting decarbonisation through a wide variety of measures, such as, coal-fired generation was phased out in 2021. Portugal is further developing its large hydropower fleet, including additional capacity of pumped hydro storage. Portugal is an international leader for integration of wind generation, and auctions are driving rapid deployment of PV and battery storage. Portugal is pushing for better electricity interconnections with the rest of Europe. Portugal’s National Energy and Climate Plan sets 2030 targets for emissions reductions, energy efficiency and renewable energy that aim to put the country a path to achieving cost effective carbon neutrality…

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                • + 5 pages

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                • Country

                Norway

                Norway has set ambitious targets for reducing greenhouse gas emissions and establishing a low-emissions society by 2050. As an energy-rich country, Norway is in a unique starting position with respect to the energy transition. An abundance of affordable hydropower has enabled the development of energy-intensive industries and a high level of electrification of homes and businesses with limited greenhouse gas emissions. At the same time, as a major oil and gas producer and exporter, Norway will need to support an evolution of its energy sector amid the global energy transition. Altogether, Norway has the opportunity to lead…

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                • Country

                Kyrgyzstan

                Kyrgyzstan’s hydro-rich energy sector is characterised by aging infrastructure and significant losses, which are exacerbated by a combination of weather-related shocks and growing demand. Energy policy aims to improve energy security by developing indigenous energy sources and rehabilitating and expanding transmission and distribution networks. Developing sustainable energy and improving energy efficiency are also priorities, while slowly removing subsidies will allow for further investment and expansion of domestic resources. Kyrgyzstan is part of the EU4Energy Programme, which is focused on evidence-based policymaking in the energy sector.

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                • Country

                Venezuela

                The Venezuela Plan for the National Electric System aims to integrate renewables in the power system by including it in medium and long-term strategies. It aims to develop the use of renewables within isolated rural communities including solar, small hydro and biogas.

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                • + 5 pages

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                • Country

                Burkina Faso

                In 2019, Burkina Faso’s energy mix was dominated by biofuels and wastes, with oil products accounting for one-third of the total energy supply. In 2020, 11% of the population had access to clean cooking and only 21% had access to electricity, making Burkina Faso one of the world’s least-electrified countries. For electricity, the country has a target of 95% access for urban areas and 50% for rural areas by 2030. For clean cooking, Burkina Faso has a universal access target for urban areas and 65% in rural areas by 2030. The target for LPG urban penetration…

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                • + 5 pages

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                • Country

                Canada

                Canada has set an ambitious target to cut greenhouse gas emissions by 40-45% from 2005 levels by 2030 and to reach net zero emissions by 2050. Canada’s energy and economic profile presents both challenges and opportunities to achieving these targets given its profile as a major producer, consumer and exporter of energy. Energy production and use in Canada accounts for over 80% of the country’s GHG emissions, with oil and gas production alone accounting for around a quarter. Canada’s electricity system is already among the cleanest in the world, with heavy dominance of hydropower as well…

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                • + 5 pages

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