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Sheltering From Oil Shocks
…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 IEA details 10 demand-side options open to households, businesses and governments to shelter themselves from today’s oil shock and relieve the…
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Oil Market Report - May 2026
…with new trade flows emerging to compensate for lost Gulf product exports.Global observed oil inventories drew by 129 mb in March and by a further 117 mb in April, according to preliminary data. Continued disruptions to seaborne trade through the Strait of Hormuz saw on-land stocks drop by 170 mb (-5.7 mb/d) in April, while oil on water rebounded by 53 mb. OECD countries’ on-land stocks plummeted by 146 mb (-4.9 mb/d) while visible non-OECD stocks fell by 24 mb.North Sea Dated traded in an unparalleled wide range of almost $50…
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Oil Market Report - April 2025
…s decline in profitability.Global observed oil inventories rose by 21.9 mb to 7 647 mb in February but still hovered near the bottom of the five-year range. Crude, NGLs and feedstocks surged by 41.2 mb, of which OECD onshore stocks accounted for 14.1 mb. Oil products fell by 19.2 mb as a 34.2 mb reduction in the OECD overwhelmed gains in oil on water. Preliminary data indicate global oil stocks increased further in March, led by crude builds in the non-OECD and oil on water.Global oil prices tumbled by around $10…
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Oil Market Report - April 2026
…cracks reached all-time highs.Global observed oil inventories fell by 85 mb in March, with stocks outside of the Middle East Gulf drawn down by a significant 205 mb (-6.6 mb/d) as flows through the Strait of Hormuz were choked off. At the same time, with limited outlets after the effective closure of the Strait, floating storage of crude and oil products in the Middle East rose by 100 mb and onshore crude stocks in the region were up by 20 mb. China added 40 mb of crude to tanks.Oil prices posted their largest-ever monthly…
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Oil Market Report - March 2025
…Oil on water fell by 6.7 mb. However, preliminary data for February show total global oil stocks rebounded, lifted by an increase in oil on water.Oil prices declined by about $7/bbl in February and early March as macro sentiment soured amid escalating trade tensions, clouding the outlook for oil demand growth. Plans by OPEC+ to start unwinding voluntary production cuts in April added to the expectation of comfortable crude balances in 2025. At the time of writing, Brent futures were trading near three-year lows around $70/bbl. Shifting sands Benchmark crude oil prices fell in February…
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Oil Market Report - March 2026
…Chinese crude stocks 15%, oil on water 25%, with the remainder in other non-OECD countries.Widespread flight cancellations in the Middle East and large-scale disruptions to LPG supplies are expected to curb global oil demand by around 1 mb/d during March and 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…
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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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Oil Market Report - June 2025
…OECD industry stocks fell by 9 mb to stand 97 mb below a year ago. Preliminary data show global oil inventories surged in May.Brent futures rallied by $5/bbl to $74/bbl after Israel's 13 June air strikes on Iran’s nuclear and military facilities. May and early June prices were range-bound as trade tensions subsided somewhat after the United States and China agreed a three-month tariff détente. Conversely, plans by OPEC+ to accelerate the unwinding of voluntary output cuts added to the prospect of comfortable 2H25 balances. Geopolitical risk in focus Global oil markets were…
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Oil Market Report - October 2025
…while oil on water dropped 8 mb. Preliminary data for September show sharply higher oil stocks, led by a 102 mb build in oil on water.In calm trading, benchmark crude prices were little changed in September, as a looming supply surplus dampened the bullish impact of heightened Ukraine tensions and fresh sanctions against Russia and Iran. Price volatility continued to languish at historical lows. At the time of writing, 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…
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Oil Market Report - May 2025
…as a discernible shift in crude pricing boosted profitability.Global oil stocks rose by 25.1 mb in March, led by a 57.8 mb increase in crude, but at 7 671 mb remained well below the five-year average (-221 mb). Total OECD inventories increased by 3.1 mb, while non-OECD stocks rose by 21.3 mb and oil on water was up slightly by 0.7 mb. Preliminary data show global oil inventories built further in April.Benchmark crude oil prices fell by around $10/bbl over April and into May amid escalating US tariffs and larger…
