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Oil Market Report - January 2026
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 Global oil demand growth is forecast to average 930 kb/d in 2026, up from 850 kb/d in 2025, reflecting a normalisation of economic conditions after last year’s tariff turmoil and lower oil prices than a year ago. A recovery in petrochemical feedstocks demand…
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Oil Market Report - February 2026
…extreme temperatures in North America, and Kazakh supply disruptions sparked the reversal to a bullish market. At the time of writing, Dated was trading around $73/bbl, with oil markets on tenterhooks about uncertain developments in the Persian Gulf. Off balance Benchmark crude oil prices surged by $10/bbl over January as a number of supply outages tightened physical crude markets and geopolitical tensions rose between Iran and the United States. While prices gave back a few dollars at the start of February on reports of progress in ongoing negotiations to de-escalate the tensions, they quickly reversed course after…
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Oil Market Report - March 2026
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 The war in the Middle East is creating the largest supply disruption in the history of the global oil market. With crude and oil product flows through the Strait of Hormuz plunging from around 20 mb/d before the war to a trickle currently, limited capacity…
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Oil Market Report - June 2026
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 Global oil demand is forecast to decline by 1.1 mb/d y-o-y in 2026. This represents a downgrade of 700 kb/d compared with our May Report, as 2Q26 deliveries plunged by 5 mb/d y-o-y in the face of higher…
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Oil Market Report - April 2026
…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 Rebecca Schulz and David Martin, which draws on fresh data and analysis from the April OMR Highlights Oil demand is expected to contract by 80 kb/d this year, as the Iran war upends our global outlook. This is 730 kb/d less than in last month’s Report and a forecast 1.5 mb/d 2Q26 decline would be the sharpest since Covid-19 slashed fuel consumption. Initially, the deepest cuts in oil…
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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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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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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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The Middle East and Global Energy Markets
…outside the Middle East have also pushed output higher and lifted exports to record levels in response to the crisis. Even so, supply losses stemming from the Middle East disruptions have depleted global oil inventories at the fastest pace on record. Global observed oil stocks have declined by 3.8 million barrels per day on average since the start of the war, with a sizeable draw of 143 million barrels in May alone, according to preliminary data.Our latest monthly Oil Market Report has more. It emphasises that fully resuming flows through the Strait of Hormuz remains the single most import...
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Oil Stocks of IEA Countries
Measured in days of net imports, updated each month with the release of the Oil Market Report