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Sheltering From Oil Shocks Targeted consumer support to enhance energy affordability
…households by reducing their energy costs or giving them money to help pay for energy. Unlike universal subsidies which benefit everyone, targeted programmes focus only on vulnerable or eligible groups making assistance more efficient and reducing government spending.In response to the crisis in the Middle East, the United Kingdom has announced an allocation of GBP 53 million to support vulnerable heating oil customers and is committed to ensuring help reaches those who need it most. In 2022, learning from the Covid-19 crisis where universal payments led to increased energy consumption, Japan made targeted cash payments to 16 milli...
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Oil Market Report - June 2026
…mb/d, of which 2.4 mb/d for crude and 1.4 mb/d for products. OECD government inventories fell by 163 mb (-1.8 mb/d) over the same period to their lowest level since December 1990 as the pace of emergency stock releases accelerated.North Sea Dated crude oil prices collapsed by more than $40/bbl to around $82/bbl during May through mid-June, as oil demand faltered and on building speculation that the United States and Iran were getting closer to agreeing the terms of a peace deal. Investor exchange holdings slumped in parallel, as…
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Oil Market Report - June 2025
…OECD industry stocks fell by 9 mb to stand 97 mb below a year ago. Preliminary data show global oil inventories surged in May.Brent futures rallied by $5/bbl to $74/bbl after Israel's 13 June air strikes on Iran’s nuclear and military facilities. May and early June prices were range-bound as trade tensions subsided somewhat after the United States and China agreed a three-month tariff détente. Conversely, plans by OPEC+ to accelerate the unwinding of voluntary output cuts added to the prospect of comfortable 2H25 balances. Geopolitical risk in focus Global oil markets were…
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Oil Market Report - October 2025
…while oil on water dropped 8 mb. Preliminary data for September show sharply higher oil stocks, led by a 102 mb build in oil on water.In calm trading, benchmark crude prices were little changed in September, as a looming supply surplus dampened the bullish impact of heightened Ukraine tensions and fresh sanctions against Russia and Iran. Price volatility continued to languish at historical lows. At the time of writing, ICE Brent futures were trading at around $64/bbl – down approximately $11/bbl year-to-date. Stocking up The oil market has been in surplus since the start of the…
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Oil Market Report - May 2025
…as a discernible shift in crude pricing boosted profitability.Global oil stocks rose by 25.1 mb in March, led by a 57.8 mb increase in crude, but at 7 671 mb remained well below the five-year average (-221 mb). Total OECD inventories increased by 3.1 mb, while non-OECD stocks rose by 21.3 mb and oil on water was up slightly by 0.7 mb. Preliminary data show global oil inventories built further in April.Benchmark crude oil prices fell by around $10/bbl over April and into May amid escalating US tariffs and larger…
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Sheltering From Oil Shocks Summary
…of higher prices on households, businesses and the broader economy.The resumption of transit through the Strait of Hormuz is the single most important action to return to stable oil and gas flows and reduce the strains on markets and prices. In the interim, countries around the world are taking a range of measures to increase supply and to reduce the impact of sharp price rises on consumers. On the supply side, IEA member countries took a crucial step on 11 March by making 400 million barrels of oil from their emergency reserves available to the market, the largest stock release…
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Oil Market Report - February 2026
…Preliminary data show global stocks surged by a further 49 mb in January.Benchmark oil prices increased steadily in January, with North Sea Dated crude rising $10/bbl over the month. Escalating geopolitical tensions, snow storms and 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…
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Oil Market Report - December 2025
…for November indicates a further increase of global stocks, largely due to higher non-OECD on-land crude.North Sea Dated crude fell by about $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…
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Oil Market Report - September 2025
…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, in line with the seasonal trend. According to preliminary data for August, global oil stocks were largely unchanged as lower oil on water was offset by OECD builds.Benchmark crude oil prices drifted lower in August…
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Oil Market Report - January 2026
…halved from November’s highs.Global observed stocks surged by 75.3 mb in November 2025, or 2.5 mb/d, with crude oil accounting for 96% of the increase, mostly onshore. OECD industry stocks were up by 7.3 mb to 2 838 mb, largely in line with the five-year average level. Total observed oil inventories were 433 mb higher than at the start of 2025, increasing by 1.3 mb/d on average. Preliminary data showed global inventories rose further in December, led by builds in products.Benchmark crude oil prices jumped by about $6/bbl at…
