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Germany 2025
…this context, the International Energy Agency (IEA) conducts Energy Policy Reviews to support governments in developing more impactful energy and climate policies.This Energy Policy Review was prepared in partnership between the Government of Germany and the IEA. It draws on the IEA's extensive knowledge and the inputs of expert peers from IEA Member countries to assess Germany’s most pressing energy sector challenges and provide recommendations on how to address them, backed by international best practices. The report also highlights areas where Germany’s leadership can serve as an example in promoting secure clean energy transitions. It also…
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Oil 2025
…shifts in energy policies are affecting oil producers and consumers alike, with oil supply security remaining high on the international energy policy agenda.Oil 2025 looks beyond the short-term horizon covered in the IEA’s monthly Oil Market Report (OMR) to provide a comprehensive overview of evolving oil supply, demand, refining and trade dynamics through 2030. This Report presents detailed forecasts and analysis of oil demand fundamentals across fuels, sectors and regions as well as the supply outlook from planned upstream and downstream projects around the world. The results provide valuable insights on the prospects for spare oil production capacity…
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Oil Market Report - September 2025
…y-o-y in 1H25 has exceeded expectations, supported by lower oil prices, but is forecast to move into contraction in the remainder of the year, leaving 2025 annual oil use broadly flat.Global oil supply inched up in August to a record 106.9 mb/d as OPEC+ continued unwinding output cuts and non-OPEC+ supply hovered near all-time highs. World oil production is now projected to rise by 2.7 mb/d to 105.8 mb/d this year and 2.1 mb/d to 107.9 mb/d next year, of which non-OPEC+ countries account…
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Sheltering From Oil Shocks
…of supply is having significant impacts in global markets, pushing up prices for crude oil above $100/barrel, and leading to much higher prices for some refined products – notably diesel, jet fuel and liquefied petroleum gas (LPG). Concerns are growing about the impacts of higher prices on households, businesses and the broader economy.In this report, the IEA details 10 demand-side options open to households, businesses and governments to shelter themselves from today’s oil shock and relieve the strains on affordability. These are based on the IEA’s longstanding expertise on energy security and on specific country examples.
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Oil Market Report - December 2025
…a 42 mb build (+1.4 mb/d), led by higher oil on water (+83 mb), while on-land stocks declined by 41 mb, led by a 26 mb contraction in the OECD. Preliminary data for November indicates a further increase of global stocks, largely due to higher non-OECD on-land crude.North Sea Dated crude fell by about $1/bbl on average m-o-m, to $63.63/bbl in November, its fifth consecutive monthly decline and longest losing streak in 11 years. Near-record oil on water, soft crude fundamentals and low volatility pinned prices near four…
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Oil Market Report - June 2025
…World oil supply is projected to rise by 1.8 mb/d to 104.9 mb/d in 2025 and by 1.1 mb/d in 2026, led by non-OPEC+ gains of 1.4 mb/d and 840 kb/d, respectively.Refinery throughputs are forecast to rise by around 460 kb/d in both 2025 and 2026, to average 83.3 mb/d and 83.7 mb/d, respectively. Refining margins in May were at their highest levels since 1Q24. However, the rally in crude prices in early June squeezed profitability levels as gasoline, naphtha and fuel oil cracks…
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Oil Market Report - June 2026
…mb/d, of which 2.4 mb/d for crude and 1.4 mb/d for products. OECD government inventories fell by 163 mb (-1.8 mb/d) over the same period to their lowest level since December 1990 as the pace of emergency stock releases accelerated.North Sea Dated crude oil prices collapsed by more than $40/bbl to around $82/bbl during May through mid-June, as oil demand faltered and on building speculation that the United States and Iran were getting closer to agreeing the terms of a peace deal. Investor exchange holdings slumped in parallel, as…
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Austria 2026
Energy Policy Review Government action plays a pivotal role in ensuring secure and sustainable energy transitions. Energy policy is critical not just for the energy sector but also for meeting environmental, economic and social goals. Governments need to respond to their country’s specific needs, adapt to regional contexts and help address global challenges. In this context, the International Energy Agency (IEA) conducts Energy Policy Reviews to support governments in developing more impactful energy and climate policies.This Energy Policy Review was prepared in partnership between the Government of Austria and the IEA. It draws on the IEA’s extensive…
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Oil Market Report - March 2026
…Gulf countries have cut total oil production by at least 10 mb/d. In the absence of a rapid resumption of shipping flows, supply losses are set to increase.Global oil supply is projected to plunge by 8 mb/d in March, with curtailments in the Middle East partly offset by higher output from non-OPEC+ producers, Kazakhstan and Russia following disruptions at the start of the year. While the extent of losses will depend on the duration of the conflict and disruptions to flows, we estimate global oil supply to rise by 1.1 mb/d in 2026 on…
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Oil Market Report - October 2025
…ICE Brent futures were trading at around $64/bbl – down approximately $11/bbl year-to-date. Stocking up The oil market has been in surplus since the start of the year, but stock builds have so far been concentrated in crude in China and gas liquids in the United States. By September, however, a surge in Middle East production, coinciding with seasonally lower regional crude demand, boosted exports to two and a half-year highs. This, combined with robust flows from the Americas, swelled oil on water in September by a massive 102 mb, equivalent to 3.4 mb/d…
