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Topic
Energy Security
…IEA’s oil emergency response mechanisms have proven to be a key stabilising force in global oil markets. Since 1991, the IEA has coordinated six collective responses to major oil supply disruptions, bringing critical additional supplies to oil markets amid turbulence triggered by wars, geopolitical strife and extreme weather events. The largest-ever collective response was announced in March 2026, when IEA Members unanimously agreed to make 400 million barrels of oil from emergency reserves available to the market to address major disruptions stemming from the near-closure of the Strait of Hormuz. Even in the absence of a stock r...
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Topic
Russia's War on Ukraine
…key energy infrastructure across the country, which in 2022 and 2023 caused extensive damage and left many Ukrainians without reliable supplies of electricity or heat for long periods. Recent improvements to Ukraine’s air defence systems have helped safeguard power supply this winter, but Russia’s attacks are ongoing, and additional resources are needed to tackle structural problems that persist within the country’s power sector.Meanwhile, the war continues to reshape the global energy system in profound ways. Trade patterns for oil and natural gas have shifted dramatically since Russia’s invasion as governments look to strengthen their energy…
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Topic
Saving Energy
…room you’re in.2. Boiler: adjust the settingsDefault boiler settings are often higher than you need. Lower the hot water temperature to save 8% of your heating energy and cut EUR 100 off an average bill. You may have to have the plumber come once if you have a complex modern combi boiler and can’t figure out the manual. Make sure you follow local recommendations or consult your boiler manual. Swap a bath for a shower to spend less energy heating water. And if you already use a shower, take a shorter one. Hot water tanks and…
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Topic
The Middle East and Global Energy Markets
…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, published on 17 June, notes that even if the new agreement holds, a full recovery in flows is unlikely to be immediate. Mines will need to be cleared from the main shipping lanes and supply chains will take time to normalise. Saudi Arabia and the United Arab Emirates…
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Topic
Fossil Fuel Subsidies
…coal, these are based on the import parity price: the price of a product at the nearest international hub, adjusted for quality differences, if necessary, plus the cost of freight and insurance to the net importer, plus the cost of internal distribution and marketing and any value-added tax (VAT). VAT was added to the reference price where the tax is levied on final energy sales, as a proxy for the tax on economic activities levied across an economy. Other taxes, including excise duties, are not included in the reference price.For net exporters of oil, natural gas and coal…