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Oil Market Report - April 2025
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil demand growth for 2025 has been revised down by 300 kb/d since last month’s Report to 730 kb/d, as escalating trade tensions have negatively impacted the economic outlook. Growth is expected to slow further in 2026, to 690 kb/d, but…
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Energy and AI
…centres. At the same time, AI could transform how the energy industry operates if it is adopted at scale. However, until now, policy makers and other stakeholders have often lacked the tools to analyse both sides of this issue due to a lack of comprehensive data. This report from the International Energy Agency (IEA) aims to fill this gap based on new global and regional modelling and datasets, as well as extensive consultation with governments and regulators, the tech sector, the energy industry and international experts. It includes projections for how much electricity AI could consume over the next decade…
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Oil Market Report - May 2025
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil demand growth is projected to slow from 990 kb/d in 1Q25 to 650 kb/d for the remainder of the year as economic headwinds and record EV sales curb use. Demand growth averages 740 kb/d in 2025 and 760 kb/d in…
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Oil Market Report - December 2025
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Global oil demand is set to rise by 830 kb/d in 2025 amid an improving macroeconomic and trade outlook. These brighter prospects extend to our 2026 forecast, which we have upgraded by 90 kb/d, to 860 kb/d y-o-y. Gasoil and jet…
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Policy options to accelerate distributed solar PV in Ukraine
Accelerating distributed solar PV and battery energy storage deployment will support Ukraine in establishing energy security.In the year following the Russian Federation’s full-scale invasion of Ukraine in 2022, available dispatchable power generation capacity halved from roughly 38 GW to 19 GW. After severe attacks in spring 2024, capacity declined further, down to 12 GW. Towards the end of 2024 Ukraine was able to restore 3 GW and has worked to restore and add additional capacity throughout 2025, despite ongoing attacks.Distributed solar PV has played a key role, providing cost effective and rapid increases in electricity generation capacity, contributing…
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Oil Market Report - March 2025
The IEA Oil Market Report (OMR) is one of the world's most authoritative and timely sources of data, forecasts and analysis on the global oil market – including detailed statistics and commentary on oil supply, demand, inventories, prices and refining activity, as well as oil trade for IEA and selected non-IEA countries. Highlights Growth in global oil demand is set to accelerate to just over 1 mb/d this year, from 830 kb/d in 2024, reaching 103.9 mb/d. Asia accounts for almost 60% of gains, led by China where petrochemical feedstocks will provide the entirety of…
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Pledges to Progress 2025
An assessment of transparency of the oil and gas industry’s emissions reduction efforts At COP28, more than 50 of the world’s leading oil and gas companies launched the Oil and Gas Decarbonization Charter (OGDC), laying out a series of ambitions to achieve net zero operational emissions by 2050. As global methane and flaring emissions continue to rise, these ambitions are more important than ever to reduce energy waste and mitigate the harmful consequences of climate change.To support accountability and transparency, the International Energy Agency (IEA), the United Nations Environment Programme (UNEP) International Methane Emissions Observatory (IMEO) and…
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Oil Market Report - November 2025
…against Rosneft and Lukoil may curtail Russian oil flows. At the time of writing, Dated was trading around $62/bbl. Imbalances Global oil market balances are looking increasingly lopsided, as world oil supply is forging ahead while oil demand growth remains modest by historical standards. At the same time, the risks to the forecast remain plentiful, with the economic repercussions of the recent tariff turmoil and the US federal government shutdown still uncertain, and the impacts of new sanctions on Russia yet to become clear. North Sea Dated crude oil prices slumped by $3.26/bbl in October, their fo...
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Tracking SDG7: The Energy Progress Report, 2025
…globally, policy progress and technological advances have shown some promising results, notably in boosting renewable energy deployment and achieving modest (though still insufficient) improvements in energy efficiency. Elements of the SDG 7 agenda gained new momentum through various agreements in recent years, including the consensus reached at the 2023 United Nations Climate Change Conference (COP28) to triple global renewable power capacity and double the global average annual rate of improvement in energy efficiency by 2030, and through the 2025 Dar es Salaam Declaration to expand electricity access, a declaration endorsed by 48 African countries.Scaling up clean cooking and electricity…
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Oil Market Report - August 2025
…By early August, however, prices tumbled by $3/bbl to $67/bbl after OPEC+ announced plans to fully unwind its 2.2 mb/d voluntary output cuts by September. Beneath the calm Oil prices have been caught in the crosshairs of fast-changing market dynamics. While new sanctions on Russia and Iran threaten to impact trade flows, weaker economic growth is poised to temper demand. Volatility in oil markets slumped to near all-time lows in July as Brent crude oil futures hovered around $70/bbl. However, the early August OPEC+ supply agreement and the prospects for untenable stock builds…
