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Oil Market Report - April 2026
…global product markets. In April, Middle East and feedstock-constrained refineries in Asia have cut runs by around 6 mb/d, to 77.2 mb/d. Global crude runs are now expected to decline by 1 mb/d on average in 2026, to 82.9 mb/d. Refining margins temporarily surged as middle distillate 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…
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Demand- and Supply-Side Measures for the Industry Transition
Policy brief As governments look to scale up lead markets for near-zero and low-emissions steel and cement, targeted policy measures can help overcome commercialisation barriers, capture emerging market opportunities and support broader government objectives. This policy brief explores a variety of possible policy instruments to stimulate demand and supply of such industrial materials, providing options that governments could adopt and adapt as part of their industrial policy framework – tailored to their unique circumstances to enhance effectiveness – along with practical next steps towards implementation.
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Multiple Benefits of Energy Efficiency for Business
Energy efficiency is often described as the “first fuel” because the cheapest and most secure energy is the energy that is not used. For businesses, this begins with a straightforward benefit: lower energy bills. In many cases, efficiency investments can pay back quickly through reduced energy costs alone. However, the value of energy efficiency extends beyond energy savings.This report builds on the IEA’s work on the multiple benefits of energy efficiency and focusses on how these gains materialise in businesses. Key benefits range from productivity and product quality improvements to brand image or health benefits for employees and…
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Oil Market Report - March 2026
…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 also having a significant impact on global product markets, with export flows through the Strait at a near standstill. Gulf producers exported 3.3 mb/d of refined products and 1.5…
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Oil Market Report - May 2026
…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 2026, to 104 mb/d, 1.3 mb/d less than our pre-war forecast. The biggest decline is in 2Q26, down by 2.45 mb/d, of which the OECD accounts for 930 kb/d and the non-OECD for 1.5 mb/d. The petrochemical…
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Heat Pump Taxonomy
…data Heat pumps are a cornerstone technology for achieving secure, affordable and sustainable heating. They have become one of the most common heating technologies and have the potential to impact significantly future trends for energy consumption in buildings and beyond.Tracking and analysing the pace of heat pump deployment compared to that of conventional heating technologies is essential for understanding future needs with regards to energy demand, investments in electricity infrastructure and fuel supply.Despite their growing importance, data on heat pump installations, as well as on their performance and cost, remain fragmented and inconsistent across regions as reporting practices…
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Financing CCUS at Scale
How to Mobilise Private Capital Carbon capture, utilisation and storage (CCUS) is an important area of attention for governments and financiers as both look to balance policy and investment goals. Recent financial investment decisions of major projects show promise in a sector that is gaining momentum, but its future success depends on viable business models and effective risk allocation across the value chain.In this context, Financing CCUS at Scale is the IEA’s latest report on what it takes to move CCUS projects from the drawing board to operation. Building on expert interviews with leading financial institutions, the report…
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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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Responding to Satellite Notifications from the Methane Alert and Response System
In 2023, the International Methane Emissions Observatory launched the Methane Alert and Response System, the first global system to provide free satellite-based alerts on major emission events to governments. Prompt reaction to MARS notifications has led to the successful mitigation of methane leaks in several countries. However, the global response rate to MARS notifications remains relatively low, suggesting that further measures may be required to transform satellite alerts into actionable responses for governments.The IEA, in collaboration with IMEO, has prepared this technical guidance document to assist governments seeking to improve action on MARS notifications and reduce methane emissions…
