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Germany 2025
…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 Germany and the IEA. It draws on the IEA's extensive knowledge and the inputs of expert peers from IEA Member countries to assess Germany’s most pressing energy sector challenges and provide recommendations on how to address them, backed by international best practices. The report also highlights areas where Germany’s leadership can serve as an example in promoting secure clean energy transitions. It also…
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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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Oil Market Report - September 2025
…y-o-y in 1H25 has exceeded expectations, supported by lower oil prices, but is forecast to move into contraction in the remainder of the year, leaving 2025 annual oil use broadly flat.Global oil supply inched up in August to a record 106.9 mb/d as OPEC+ continued unwinding output cuts and non-OPEC+ supply hovered near all-time highs. World oil production is now projected to rise by 2.7 mb/d to 105.8 mb/d this year and 2.1 mb/d to 107.9 mb/d next year, of which non-OPEC+ countries account…
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Oil Market Report - December 2025
…a 42 mb build (+1.4 mb/d), led by higher oil on water (+83 mb), while on-land stocks declined by 41 mb, led by a 26 mb contraction in the OECD. Preliminary data for November indicates a further increase of global stocks, largely due to higher non-OECD on-land crude.North Sea Dated crude fell by about $1/bbl on average m-o-m, to $63.63/bbl in November, its fifth consecutive monthly decline and longest losing streak in 11 years. Near-record oil on water, soft crude fundamentals and low volatility pinned prices near four…
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Oil Market Report - June 2025
…World oil supply is projected to rise by 1.8 mb/d to 104.9 mb/d in 2025 and by 1.1 mb/d in 2026, led by non-OPEC+ gains of 1.4 mb/d and 840 kb/d, respectively.Refinery throughputs are forecast to rise by around 460 kb/d in both 2025 and 2026, to average 83.3 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…
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Oil Market Report - October 2025
…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 year, but stock builds have so far been concentrated in crude in China and gas liquids in the United States. By September, however, a surge in Middle East production, coinciding with seasonally lower regional crude demand, boosted exports to two and a half-year highs. This, combined with robust flows from the Americas, swelled oil on water in September by a massive 102 mb, equivalent to 3.4 mb/d…
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Oil Market Report - November 2025
… Highlights World oil demand growth rebounded to 920 kb/d in 3Q25, mainly due to stronger deliveries in China. The third-quarter increase was more than double 2Q25’s 430 kb/d y-o-y expansion, as the macroeconomic picture broadly improved on easing trade tensions. Worldwide 2025 gains of 790 kb/d y-o-y are led by the United States, China and Nigeria, up by about 120 kb/d y-o-y each. Global growth will maintain this rate in 2026, at 770 kb/d y-o-y.The relentless upturn in global oil supply paused in October…
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Oil Market Report - July 2025
…Disconnects Benchmark crude oil prices rose by around $7/bbl on average in June, trading in a wide range between $65/bbl and $80/bbl. Israel’s air strikes on Iranian military and nuclear targets sent prices soaring mid-month, with North Sea Dated briefly surpassing $80/bbl before returning to pre-conflict levels after a ceasefire accord was reached. At the time of writing, Dated was trading just above $72/bbl, down $15/bbl on a year ago.Escalating geopolitical tensions were set against a backdrop of an apparently oversupplied market. In June, global oil production rose by 950…
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Oil Market Report - August 2025
…d in 2Q25 occurred entirely in the non-OECD. Consumption in the OECD was flat, with Japan at multi-decade lows.Global oil supply was largely unchanged in July at 105.6 mb/d, with a 230 kb/d fall in OPEC+ output offset by an equal increase in non-OPEC+. Higher OPEC+ targets announced for September help boost global oil supply growth to 2.5 mb/d this year and 1.9 mb/d in 2026, of which non-OPEC+ accounts for 1.3 mb/d and 1 mb/d, respectively.Global crude runs will approach an all-time…
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Oil Market Report - March 2025
…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 growth. Amid an unusually uncertain macroeconomic climate, recent delivery data have been below expectations, leading to slightly lower estimates for 4Q24 and 1Q25 growth at 1.2 mb/d y-o-y.World oil supply rose by 240 kb/d in…
