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Supporting countries in the unfolding energy crisis
…global energy security in history,” according to our Executive Director Fatih Birol. The disruptions are being increasingly felt around the world and have driven significant rises in oil and gas prices, with particularly sharp spikes in jet fuel and diesel markets. To help address these unprecedented disruptions, IEA Member countries unanimously agreed https://www.iea.org/news/iea-member-countries-to-carry-out-largest-ever-oil-stock-release-amid-market-disruptions-from-middle-east-conflict last month to the largest ever release of emergency oil stocks.
As the situation evolves, Dr Birol is in close contact with government leaders…
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A deepening crisis in oil markets and beyond
…In today's edition: The latest developments in global oil markets; meetings with the leaders from Canada, Austria and OPEC; the Nigeria government’s request to join the IEA; discussing the establishment of institutional ties with the UAE; the impact of the energy crisis on fuel supplies for cooking; methane emissions and energy security; a new podcast episode on the energy and AI relationship; and more.
Were you forwarded this newsletter? You can subscribe here https://www.iea.org/the-energy-mix.
Global oil stocks are depleting at a record pace as supply losses mount
More than ten weeks after…
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How the Middle East war has upended oil markets
…iea.org/about/oil-security-and-emergency-response/strait-of-hormuz.
To mitigate the immediate impact of these supply disruptions, consumers and refiners have tapped oil inventories. However, where stocks cannot fully bridge the gap, demand has taken a hit. Most notably, Asian petrochemical producers have curtailed operating rates as feedstock supply has dried up. Households and businesses using liquefied petroleum gas have also been impacted, while flight cancellations across the Middle East and parts of Asia and Europe have led to a sharp drop in jet fuel consumption.
As a result, the report forecasts that global oil demand will…
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Oil exports through Strait of Hormuz rise
…rates, while the IEA’s largest-ever release of emergency stocks brought additional barrels to market. Second, there have been key responses from exporters, with some Gulf producers using alternative routes to market that bypassed the Strait, and a surge in crude exports from other suppliers, most notably the United States. Thirdly, the global refining system has made rapid adjustments to compensate not only for losses of Middle Eastern crude oil, but also for the collapse in exports of refined products from the region.
Another major factor in the readjusting was the steep drop in China’s crude oil imports…
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Contending with the effects of the energy crisis
…new podcast episode on critical mineral supply chain risks; and more.
Were you forwarded this newsletter? You can subscribe here https://www.iea.org/the-energy-mix.
Executive Director meets Chancellor of Germany to discuss energy impacts of Middle East crisis
As the lack of shipping flows through the Strait of Hormuz continues to disrupt global oil and gas supplies, our Executive Director Fatih Birol recently travelled to Berlin where he met with Chancellor Friedrich Merz of Germany and other senior government leaders to discuss the implications of the unfolding crisis for energy markets, supply chains and industrial competitiveness.
Chancellor Merz…
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IEA responding to major global energy security threat
…agreed https://www.iea.org/news/iea-member-countries-to-carry-out-largest-ever-oil-stock-release-amid-market-disruptions-from-middle-east-conflict on 11 March to release around 400 million barrels of additional oil supply to the market, by far the largest ever release of emergency oil stocks, to help address the unprecedented market disruptions. More details about countries’ contributions to the collective action are available here https://www.iea.org/news/iea-confirms-member-country-contributions-to-collective-action-to-release-oil-stocks-in-response-to-middle-east-disruptions.
As part of the IEA’s international energy…
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How the crisis is reshaping energy investment
…shock is expected to leave a lasting imprint on future investment priorities – particularly in Asia and the Middle East, where the impacts of the disruptions to shipping flows through the Strait of Hormuz have been felt most acutely.
The report projects that global energy investment will reach $3.4 trillion in 2026, a slight increase year-on-year. Around $2.2 trillion is expected to go towards grids, storage, low-emissions fuels, nuclear, renewables, efficiency and electrification in 2026, while around $1.2 trillion is set to be invested in oil, natural gas and coal.
Despite higher oil prices, oil…
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The Strait of Hormuz and global LNG supply
…iea-member-countries-to-carry-out-largest-ever-oil-stock-release-amid-market-disruptions-from-middle-east-conflict of emergency oil stocks to counter the supply disruptions (read more in our latest update https://www.iea.org/news/update-on-iea-collective-action-decision-of-11-march-2026 on the oil stock release). At the same time, the Gulf’s output of liquefied natural gas (LNG) has also been significantly disrupted by the war.
The key issue is the flow of tankers through the Strait of Hormuz https://www.iea.org/about/oil-security-and-emergency-response/strait-of-hormuz…
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The energy implications of events in the Middle East
…The global oil market has been in significant surplus since the start of 2025. Ahead of the military actions that began on 28 February, global oil supply was also expected to far exceed demand in 2026. However, prolonged supply disruptions could flip the market into a deficit. The disruption to oil flows through the Strait has forced some operators to start shutting in production. The region’s output of refined products has also been impacted.
Natural gas markets, meanwhile, have gradually rebalanced https://www.iea.org/reports/gas-market-report-q1-2026 in recent years following the major shock that…
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What’s driving the surge in energy jobs?
…driver of this trend, complemented by rapid hiring in grids and energy storage as the Age of Electricity https://www.iea.org/newsletters/energy-snapshot/17-11-2025/the-age-of-electricity-is-here takes hold. Meanwhile, employment in fossil fuel industries also remained resilient in 2024 – with the oil and gas supply sector now having recovered most of the jobs lost during the Covid crisis in 2020.
Despite the strength of recent job creation across the energy sector, there are vulnerabilities, with companies reporting deepening shortages of skilled labour.
Out of 700 energy-related companies, unions and training institutions…