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Oil Market Report - January 2026
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 forecast to average 930 kb/d in 2026, up from 850 kb/d in 2025, reflecting a normalisation of economic conditions after last year’s tariff turmoil and lower oil prices than a year ago. A recovery in petrochemical feedstocks demand…
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Oil Market Report - February 2026
…extreme temperatures in North America, and Kazakh supply disruptions sparked the reversal to a bullish market. At the time of writing, Dated was trading around $73/bbl, with 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…
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Oil Market Report - March 2026
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 The war in the Middle East is creating the largest supply disruption in the history of the global oil market. With crude and oil product flows through the Strait of Hormuz plunging from around 20 mb/d before the war to a trickle currently, limited capacity…
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Oil Market Report - April 2026
…as oil 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…
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Oil Market Report - May 2026
The May edition of the IEA’s Oil Market Report is exceptionally provided free of charge in an abridged format.For access to the full report, subscribers can visit their Products page.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 World oil demand is forecast to contract by 420 kb/d y-o-y in…
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Oil Market Report - June 2026
…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 forecast to decline by 1.1 mb/d y-o-y in 2026. This represents a downgrade of 700 kb/d compared with our May Report, as 2Q26 deliveries plunged by 5 mb/d y-o-y in the face of higher fuel prices and disruptions to product availability. We see growth rebounding to 2 mb/d in 2027, as a normalisation of trade flows, lower oil…
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Sheltering From Oil Shocks
…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 IEA details 10 demand-side options open to households, businesses and governments to shelter themselves from today’s oil shock and relieve…
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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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The Implications of Oil and Gas Field Decline Rates
…uncertainties affecting the future evolution of oil and natural gas demand, with less consideration given to how the supply picture could develop. However, understanding decline rates – the annual rate at which production declines from existing oil and gas fields – is crucial for assessing the outlook for oil and gas supply and, by extension, for market balances.The International Energy Agency (IEA) has long examined this issue, and a detailed understanding of decline rates is at the heart of IEA modelling and analysis, underpinning the insights provided by the scenarios in the World Energy Outlook.This new report – based on analysis of…
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Advancing Methane Emissions Reductions by National Oil Companies
…in supporting policy objectives. In over 30 countries where NOCs are responsible for more than half of oil and gas production, methane is already included in the scope of their Nationally Determined Contributions (NDCs).Implementing best practices. This includes adopting measures to limit flaring and venting, implementing leak detection and repair programmes, and deploying low-emissions equipment. Many of these mitigation options do not require measured emissions data or large investments. Flaring reductions by NOCs could make 60 billion cubic metres of natural gas available for domestic consumption or for export.Develop a methane monitoring, reporting, and verification system based…
