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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 - November 2025
…5 mb/d in 2026 on average to reach 108.7 mb/d. Non-OPEC+ accounts for 1.7 mb/d and 1.2 mb/d of the growth, respectively.A slew of unplanned outages, scheduled maintenance and continued disruptions to Russia’s downstream operations, pushed refinery margins to a two-year peak in Europe and Asia in early November. Global refinery runs slumped by 2.9 mb/d m-o-m to 81.5 mb/d in October but are set to increase sharply towards year-end. Runs are forecast to rise by 710 kb/d in 2025 and…
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Oil Market Report - December 2025
…mb/d and 108.6 mb/d, respectively.After weathering significant unplanned refinery outages in November, tightness in refined product markets has eased, but sanctions in 1Q26 will provide fresh challenges. The stark contrast between surging crude supplies and unexpectedly tight product markets has pushed refinery margins back to levels last seen in the aftermath of Russia’s invasion of Ukraine. Runs forecasts for 2026 have been increased to 84.4 mb/d, with growth raised to 750 kb/d.Global observed inventories rose to four-year highs in October, at 8 030 mb. Stock builds averaged 1.2 mb…
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Oil Market Report - March 2026
…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 average, with non-OPEC+ producers accounting for the entire increase.The conflict is…
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Oil Market Report - May 2025
…around $10/bbl over April and into May amid escalating US tariffs and larger-than-expected OPEC+ output hikes. Bearish sentiment eased somewhat after the US reached a trade deal with the UK on 8 May, and a 90-day accord with China on 12 May. Russian crude prices averaged $55.64/bbl in April with all major export grades below the $60/bbl price cap. At the time of writing, North Sea Dated was trading at around $66/bbl. In the balance Oil prices resumed their downward trajectory in late April and early May as trade tensions impacted financial…
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Oil Market Report - June 2025
…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 weakened.Russian crude and product exports fell by 230 kb/d m-o-m to 7.3 mb/d in May, down 380 kb/d y-o-y. As oil prices slid, revenues declined by $480 million m-o-m to $12.6 billion, a plunge of $4.0 billion y-o-y. May’s crude export revenues hit their lowest…
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Sustainable Transport for Georgia: A Roadmap
The International Energy Agency (IEA) developed this Sustainable Transport Policy for Georgia roadmap under the European Union-funded five-year EU4Energy programme, which supports evidence-based energy policy and data capabilities in Eastern Partnership countries, including Georgia.The roadmap supports sustainable transport planning at national and city levels, summarising legislation, planning documents, and research on passenger and freight transport. Key metrics include accessibility, safety, convenience, equity, energy efficiency, emissions reduction, congestion and service reliability. Policies and targets are proposed to help Georgia meet the United Nations’ Sustainable Development Goals and achieve its Nationally Determined Contribution (NDC) pledges.The government of…
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Lithuania 2025
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 Lithuania and the IEA. It draws on the IEA’s extensive…
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Sustainable Transport Policy for Armenia: A Roadmap
As a part of the EU4Energy Programme, the Armenia Energy Policy Roadmap on Sustainable Transport presents a comprehensive, evidence-based framework for transforming the country’s mobility system into a sustainable and efficient transport system. The strategy seeks to deliver significant reductions in CO₂ emissions while strengthening regional connectivity, fostering economic development, and enhancing energy security. While Armenia has made notable progress in rolling out electric vehicles and electrifying its rail network, it still struggles with a high dependence on imported fossil fuels, a lack of data transparency and weak co-ordination among government agencies. This roadmap is structured to…
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Rare earth elements 2025
Outlook for key energy transition minerals This report provides an outlook for demand and supply for key energy minerals including copper, lithium, nickel, cobalt, graphite and rare earth elements. Demand projections encompass both key energy technologies and other uses under different IEA Scenarios. Supply projections are based on a detailed review of all announced projects. They show how today's geographical concentration evolves over time, for both mining and refining and how expected supply compares with primary supply requirements.