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Sheltering From Oil Shocks
…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, businesses and governments to shelter themselves from today’s oil shock and relieve the…
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How governments can best support consumers during this energy crisis
…on energy in absolute terms, broad-based price reductions often deliver greater financial gains to higher-income groups. For example, a recent study in the Netherlands estimates that around 70% of the total value of a broadly applied reduction in fuel excise duty ends up benefiting middle-high and higher-income groups.This is particularly important because lower-income households are also the most exposed to energy price shocks. At the height of the 2022 energy crisis, low-income households in advanced economies spent around one-quarter of their income on energy – up 4 percentage points from 2021. By contrast…
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How global oil supplies have readjusted to help fill the huge gap left by the Strait of Hormuz shock
…since the deal was agreed.The supply disruptions and price spikes to date have prompted a wide range of responses by oil producers, refiners and consumers to adapt to the radically changed market conditions. Many consumers have scaled back their energy use and governments have taken steps to shelter households and businesses from the impacts, especially in the Asia-Pacific region where the effects have been felt most acutely. The IEA’s flagship Oil Market Report now estimates that global oil demand will drop by almost 5 million barrels per day in the second quarter of 2026 year-on-year…
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Tracking Energy Crisis Policy Responses
…of emergency oil stocks coordinated by the IEA. At the same time, many governments are taking demand-side measures as they look to shield consumers from high energy prices. To support these actions, the IEA published a report, Sheltering from Oil Shocks, with a menu of 10 demand-side options for governments, households and businesses that could help to quickly save fuel. The IEA has also been closely monitoring the actions taken by countries around the world through a new 2026 Energy Crisis Policy Response Tracker, which highlights measures from nearly 80 countries to reduce demand for oil and other…
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Oil Market Report - May 2026
…with new trade flows emerging to compensate for lost Gulf product exports.Global observed oil inventories drew by 129 mb in March and by a further 117 mb in April, according to preliminary data. Continued disruptions to seaborne trade through the Strait of Hormuz saw on-land stocks drop by 170 mb (-5.7 mb/d) in April, while oil on water rebounded by 53 mb. OECD countries’ on-land stocks plummeted by 146 mb (-4.9 mb/d) while visible non-OECD stocks fell by 24 mb.North Sea Dated traded in an unparalleled wide range of almost $50…
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Oil Market Report - April 2025
…s decline in profitability.Global observed oil inventories rose by 21.9 mb to 7 647 mb in February but still hovered near the bottom of the five-year range. Crude, NGLs and feedstocks surged by 41.2 mb, of which OECD onshore stocks accounted for 14.1 mb. Oil products fell by 19.2 mb as a 34.2 mb reduction in the OECD overwhelmed gains in oil on water. Preliminary data indicate global oil stocks increased further in March, led by crude builds in the non-OECD and oil on water.Global oil prices tumbled by around $10…
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Oil Market Report - April 2026
…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 same time, with limited outlets after the effective closure of the Strait, floating storage of crude and oil products in the Middle East rose by 100 mb and onshore crude stocks in the region were up by 20 mb. China added 40 mb of crude to tanks.Oil prices posted their largest-ever monthly…
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Supporting countries in the unfolding energy crisis
…global energy security in history,” according to our Executive Director Fatih Birol. The disruptions are being increasingly felt around the world and have driven significant rises in oil and gas prices, with particularly sharp spikes in jet fuel and diesel markets. To help address these unprecedented disruptions, IEA Member countries unanimously agreed https://www.iea.org/news/iea-member-countries-to-carry-out-largest-ever-oil-stock-release-amid-market-disruptions-from-middle-east-conflict last month to the largest ever release of emergency oil stocks.
As the situation evolves, Dr Birol is in close contact with government leaders…
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Oil Market Report - March 2025
…Oil on water fell by 6.7 mb. However, preliminary data for February show total global oil stocks rebounded, lifted by an increase in oil on water.Oil prices declined by about $7/bbl in February and early March as macro sentiment soured amid escalating trade tensions, clouding the outlook for oil demand growth. Plans by OPEC+ to start unwinding voluntary production cuts in April added to the expectation of comfortable crude balances in 2025. At the time of writing, Brent futures were trading near three-year lows around $70/bbl. Shifting sands Benchmark crude oil prices fell in February…
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Oil Market Report - March 2026
…Chinese crude stocks 15%, oil on water 25%, with the remainder in other non-OECD countries.Widespread flight cancellations in the Middle East and large-scale disruptions to LPG supplies are expected to curb global oil demand by around 1 mb/d during March and April compared to previous estimates. Higher oil prices and a more precarious outlook for the global economy pose further risks to the forecast. Global oil consumption is now set to increase by 640 kb/d y-o-y in 2026 – down 210 kb/d from last month.Oil prices have gyrated wildly since the United…