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Oil Market Report - April 2026
…trade for IEA and selected non-IEA countries. Listen to the most recent episode of the Everything Energy podcast with senior oil market analysts Rebecca Schulz and David Martin, which draws on fresh data and analysis from the April OMR Highlights Oil demand is expected to contract by 80 kb/d this year, as the Iran war upends our global outlook. This is 730 kb/d less than in last month’s Report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption. Initially, the deepest cuts in oil use have…
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Oil Market Report - January 2026
…oil prices jumped by about $6/bbl at the start of the new year in the wake of geopolitical developments in Iran and Venezuela, but eased by mid-month as tensions moderated. North Sea Dated fell by $0.99/bbl m-o-m in December to an average $62.64/bbl, as markets remained well supplied. This was the benchmark’s sixth consecutive monthly decline, with prices hitting a low of $60.07/bbl mid-month – the weakest since early 2021. Buffer zone The new year got off to a turbulent start as geopolitical tensions rose around Iran and Venezuela…
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Oil Market Report - February 2026
…oil markets on tenterhooks about uncertain developments in the Persian Gulf. Off balance Benchmark crude oil prices surged by $10/bbl over January as a number of supply outages tightened physical crude markets and geopolitical tensions rose between Iran and the United States. While prices gave back a few dollars at the start of February on reports of progress in ongoing negotiations to de-escalate the tensions, they quickly reversed course after the United States advised ships to steer clear of Iranian waters when navigating the Strait of Hormuz. ICE Brent futures traded around $70/bbl at the time of…
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Oil Market Report - March 2026
…April compared to previous estimates. Higher oil prices and a more precarious outlook for the global economy pose further risks to the forecast. Global oil consumption is now set to increase by 640 kb/d y-o-y in 2026 – down 210 kb/d from last month.Oil prices have gyrated wildly since the United States and Israel launched joint air strikes on Iran on 28 February. Disruptions to Middle Eastern supplies due to attacks on the region’s oil infrastructure and the cessation of tanker traffic through the Strait of Hormuz sent Brent futures soaring, trading within a whisker…
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Oil Market Report - May 2026
…Time spreads oscillated in line with flat prices, with prompt time spreads in WTI and Brent futures ending the month at around $5/bbl. Dated’s premium to ICE Brent futures weakened from a record $35/bbl in mid-April to $3/bbl in early May. Plugging the gap More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace. Benchmark oil prices have posted wild swings in response to conflicting signals on whether the United States and Iran will soon reach...
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Oil Market Report - June 2026
…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 positive price momentum reversed sharply and traders reduced positions in the face of extreme price volatility and higher exchange margins. New deal An interim agreement between the United States and Iran to end the war in the Middle East could pave the way for a reopening of the Strait of Hormuz and a lifting of a US blockade on Iranian oil traffic. The biggest breakthrough…
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Sheltering From Oil Shocks
Measures to reduce impacts on households and businesses The conflict in the Middle East has created the largest supply disruption in the history of the global oil market, due to the near halt in shipping traffic through the Strait of Hormuz. The loss 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…
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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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Household Energy Affordability: Data and Indicators
A methodological framework for national monitoring Effective policy requires robust monitoring of household energy affordability, yet no unified methodological approach currently exists. The upcoming IEA report Household Energy Affordability: Data and Indicators, to be published in July, addresses this gap. This executive summary presents its key elements, including a robust methodological framework structured around dimensions, indicators and data to support policy discussions and national monitoring efforts.
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Gas Market Report, Q2-2026
This edition of the IEA's quarterly Gas Market Report provides a comprehensive review of developments during the 2025/26 heating season and a special spotlight on the effects of the war in the Middle East on international gas markets. Amid the major supply shock caused by the disruptions to shipping through the Strait of Hormuz and attacks on regional energy infrastructure, it examines the conflict’s implications for gas supply and demand at both the regional and global levels. The report also analyses the consequences for storage, shipping and prices – providing critical insights on evolving market trends.The loss of nearly…
