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Sheltering From Oil Shocks
…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 IEA details 10 demand-side options open to households…
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Oil Market Report - July 2025
…kb/d in 2025 and 460 kb/d in 2026, to an average 83.3 mb/d and 83.8 mb/d, respectively. Refining margins eased in June, as crude prices rallied but subsequently recovered to multi-month highs in early July, led higher by stronger diesel cracks.Observed oil inventories surged by 73.9 mb to 7 818 mb in May, led by OECD commercial product inventories and crude in non-OECD countries. Crude, NGLs and feedstocks were up for the fourth month in a row, by 49.7 mb, in large part due to a sharp rise in…
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Oil Market Report - September 2025
…Global refinery crude throughputs are forecast to average 83.5 mb/d in 2025 and 84 mb/d in 2026, as growth slows from 580 kb/d to 540 kb/d, respectively. Refining margins remain strong, as a sharp deterioration in diesel cracks was partly offset by better gasoline economics.Observed global oil stocks rose by 26.5 mb in July, extending gains since start of the year to 187 mb. Inventories remained 67 mb below the five-year average, despite a significant surplus built up in China in recent months. OECD industry stocks were up by 6.9 mb…
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Oil Market Report - October 2025
…kb/d in 2025 and 460 kb/d in 2026, to 83.5 mb/d and 84 mb/d, respectively. Refining margins increased across the board in September, led by improved diesel and jet fuel cracks following the disruption to Russian refining and exports.Global observed inventories rose by a further 17.7 mb in August to a four-year high of 7 909 mb, as a 36.2 mb build in products was partly offset by an 18.5 mb decline in global crude, NGLs and feedstocks. OECD total inventories rose by 22 mb, non-OECD by 4 mb…
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Oil Market Report - December 2025
…$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-year lows around $63/bbl despite tightening sanctions and strong diesel cracks. Parallel markets Much has been made about the apparent disconnect between the current global oil surplus on the one hand and inventories near decade lows at key pricing hubs on the other. Indeed, despite record volumes of oil piling up on water, benchmark crude oil prices eased only…
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What Next for the Global Car Industry
An Energy Technology Perspectives Special Report The global car industry has operated under relatively stable conditions for decades. The world’s largest car manufacturers are based in the European Union, Korea, Japan and the United States, and – more recently – in China, and the car industry is a major contributor to the economy in these countries. The strength of many of these car makers is built on decades at the forefront of technological innovation around the internal combustion engine (ICE), as well as highly integrated and optimised supply chains that allow for vehicles and their components to be produced at low…
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Renewables for Industry
Electrification of low-temperature heat and steam Industry is responsible for 30% of global energy consumption, most of which is supplied by fossil fuels. The focus of industrial decarbonisation has largely been on the steel and cement sectors, but significant potential also exists in less energy-intensive sectors such as food and beverages, textiles, chemicals, paper, and other manufacturing activities. These sectors offer some of the most immediate and cost-effective opportunities for industrial decarbonisation and diversification of energy sources. Commercially available electric technologies – including heat pumps, electric boilers and resistance heaters – can meet most heat demand in these subsectors…
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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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Delivering Sustainable Fuels
Pathways to 2035 Sustainable fuels – including liquid biofuels, biogases, low-emissions hydrogen and hydrogen-based fuels – offer multiple benefits for the energy sector. They complement electrification and energy efficiency in energy transitions, and are particularly important for sectors that continue to be reliant on fuel-based solutions such as aviation, shipping, and parts of road transport and industry. Sustainable fuels can also enhance energy security, strengthen environmental sustainability and stimulate economic development, particularly in rural areas.If fully legislated and implemented, current and proposed national and international policies would put the use of sustainable liquid and gaseous fuels on a…
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Oil Market Report - April 2026
The April 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. Listen to the most recent episode of the Everything Energy podcast with senior oil market analysts…
