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The Middle East and Global Energy Markets
…and early June as strategic stock releases and demand weakness eased market tightness, and after the United States and Iran announced an interim agreement to end hostilities. Physical crude markets continue to reflect acute supply tightness as refiners scramble to replace lost Middle Eastern cargoes with alternative supplies. Prices for certain oil products – notably diesel, jet fuel and liquefied petroleum gas (LPG), which have been particularly exposed to the disruption – remain elevated.Shipments of oil through the Strait increased sharply in early June, supported by ship-to-ship transfers in the Gulf of Oman. Yet our latest Oil Market Report…
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Investment
…Our analysis is designed to enhance transparency around economic and financing trends, the cost of capital and profit dynamics. We also explore how capital markets and innovative financing instruments can drive greater investment in the energy sector – especially in emerging and developing economies, where data is often limited. Participants representing a diverse range of financial institutions are invited to attend an annual event hosted at the IEA headquarters in Paris, and regional summits – the latest held in Singapore – are also organised to encourage broad participation across geographies. Participants representing a diverse range of financial institutions are invited to attend an…
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Fossil Fuel Subsidies
…represent a combination of opportunity costs and direct expenditures.Estimates using the price gap approach capture only interventions that result in final prices for end users below what would prevail in a competitive market. They do not, for example, capture subsidised research and development, or subsidies for fossil fuel production. These estimates therefore understate total fossil fuel subsidies, as well as their impact on economic efficiency and trade. Despite these limitations, the method is a valuable tool for estimating subsides and for undertaking comparative analysis across economies to support policy development. For net importers of oil, natural gas and coal…
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Critical Minerals
…with experts on the sidelines of the IEA’s 2026 Ministerial Meeting. Key findings Diversification is the cornerstone of energy security, yet critical minerals are moving in the opposite direction Critical mineral markets have become more concentrated, not less, particularly when it comes to refining and processing. For copper, lithium, nickel, cobalt, graphite and rare earth elements, the average market share of the top three refining nations rose to 86% in 2024 from around 82% in 2020, with almost all supply growth coming from the single top supplier: Indonesia for nickel, and China for all others.
While policy makers have… -
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COP28: Tracking the Energy Outcomes
…at the request of governments, to support the full and timely implementation of the energy promises made in Dubai by identifying pathways forward and providing policy makers with advice on accelerating national and secure clean energy transitions. The IEA's landmark 2024 report, From Taking Stock to Taking Action: How to implement the COP28 energy goals, explores the risks of partial implementation and discusses how countries can integrate the objectives set at COP28 into their next round of targets under the Paris Agreement.The sections below follow the energy targets laid out in Paragraph 28 of the COP28 Global Stocktake…
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Energy Security
The IEA has been at the heart of international energy security for 50 years – working to avoid, mitigate and manage energy disruptions and crises. While the Agency’s mandate initially centred on oil security, its work has since broadened to include the security of natural gas, electricity and clean energy supply chains.Threats to energy systems are constantly evolving. The IEA continually monitors and analyses these threats, including geopolitical risks, cyberattacks on energy infrastructure, supply chain disruptions and extreme weather events. On 24 and 25 April, 2025, the IEA convened an International Summit on the Future of Energy Security, hosted by the…
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Energy and Gender
…roles, such as scientific research (45%) and the manufacturing of electrical equipment (27%). The share of women in senior leadership is growing but lags the economy-wide average The share of women in senior leadership positions has been rising faster than the economy-wide average since 2015. Renewables and nuclear have seen particularly strong progress, while there have only been marginal gains in oil and gas supply, and coal witnessed declines. Women’s share of leadership roles in the energy sector now stands at 18% – up from 13% in 2015, but still below the economy-wide average of 25%. Nearly…
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Climate Change
…1.5 °C-aligned energy transitions; and supporting the next round of Nationally Determined Contributions under the Paris Agreement – while deepening existing cooperation on data and capacity building. The global energy system is the bedrock of modern economies and societies – providing power to everywhere we live and work. Yet the production and consumption of energy is also responsible for 75% of greenhouse gas emissions, making it the primary driver of climate change.As temperatures around the world continue to break records, the case for swiftly transforming the global energy system has never been stronger. The IEA’s Net Zero Roadmap…
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Russia's War on Ukraine
…prices have pulled back from record highs, but trends vary widely among regions. In many parts of the world, prices are still elevated – holding back economic growth, straining the finances of households and businesses, and complicating efforts to improve access to electricity. Energy markets, faced with an unusually high degree of geopolitical uncertainty, remain on edge.In Ukraine, the energy sector is on the front line of the war for the second consecutive winter. As temperatures have dropped, Russia has resumed a broad military offensive targeting power plants and other key energy infrastructure across the country, which in 2022 and 2023 caused…
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Artificial Intelligence
…effects are poised to be particularly strong in some countries. For example, in the United States, data centres are on course to account for almost half of the growth in electricity demand to 2030; in Japan, more than half; and in Malaysia, as much as one-fifth.A diverse range of energy sources will be tapped to meet data centres’ rising electricity needs globally – though renewables and natural gas are currently set to take the lead due to their cost-competitiveness and availability in key markets. Uncertainty around current and future data centre consumption calls for a scenario-based appro...