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Oil Market Report - March 2025
…as well as oil trade for IEA and selected non-IEA countries. Highlights Growth in global oil demand is set to accelerate to just over 1 mb/d this year, from 830 kb/d in 2024, reaching 103.9 mb/d. Asia accounts for almost 60% of gains, led by China where petrochemical feedstocks will provide the entirety of growth. Amid an unusually uncertain macroeconomic climate, recent delivery data have been below expectations, leading to slightly lower estimates for 4Q24 and 1Q25 growth at 1.2 mb/d y-o-y.World oil supply rose by 240 kb/d in…
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Gas Market Report, Q2-2026
…a significant amount of new LNG capacity that had been on track to come online in the second half of this decade. While gas producers are making efforts to increase supply, the demand side is set to play a key role in balancing the market – particularly in Asia, where fuel switching is already picking up alongside energy-saving measures.The current energy crisis highlights the need to further strengthen the architecture of global gas supply security. The International Energy Agency (IEA) continues to support this process, including through the permanent Working Party on Natural Gas and Sustainable Gases Security (GWP).
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Luxembourg 2026
Energy Policy Review Government action plays a pivotal role in ensuring secure and sustainable energy transitions. Energy policy is critical not just for the energy sector but also for meeting environmental, economic and social goals. Governments need to respond to their country’s specific needs, adapt to regional contexts and help address global challenges. In this context, the International Energy Agency (IEA) conducts Energy Policy Reviews to support governments in developing more impactful energy and climate policies.This Energy Policy Review was prepared in partnership between the Government of Luxembourg and the IEA. It draws on the IEA’s extensive…
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Luxembourg
Luxembourg has a fossil fuel intensive energy mix driven by a high demand for transportation fuels, notably from transiting freight trucks and commuters. Despite this demand, the country is committed to reducing emissions. Its climate law sets targets for a 55% emission reduction by 2030 and climate neutrality target by 2050. The government has adopted numerous measures to push for energy transition, including a carbon tax which was introduced in 2020 and encouraging renewable generation through subsidies and auctions. Several programmes also support energy efficiency in buildings, industry and transportation, with a target for 49% of all passenger cars to…
- Overview
- Energy mix
- Emissions
- Electricity
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+ 5 pages
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Iraq
Iraq holds abundant oil and gas resources and has strong solar PV potential. Its production to 2030 is set to be third largest contributor to global oil supply. By the same year, the government expects that renewable capacity will amount for 5% of the country’s total system capacity.
- Overview
- Energy mix
- Emissions
- Electricity
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+ 5 pages
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Oil Market Report - January 2026
…of $60.07/bbl mid-month – the weakest since early 2021. Buffer zone The new year got off to a turbulent start as geopolitical tensions rose around Iran and Venezuela, bringing new uncertainties regarding their future oil exports. Brent crude oil prices jumped by $6/bbl to around $66/bbl in the early weeks of January before easing to $64/bbl at the time of writing.Oil exports from both Iran and Venezuela were already under pressure. Iranian loadings dropped by 350 kb/d from October’s recent high to 1.6 mb/d over November and December, with volum...
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Germany 2025 Executive summary
…energy security and economic competitiveness. It is targeting a 65% reduction in greenhouse gas (GHG) emissions by 2030 (from 1990 levels) and climate neutrality by 2045, with the long-standing Energiewende strategy guiding the evolution of its energy system. While this has supported a surge in renewables-based electricity generation, which will need to both continue and grow, more work lies ahead to decarbonise end-use sectors, such as transport, industry and buildings. Existing strategies and supportive policy measures in these sectors will need to be matched by a strong focus on effective, cost-efficient implementation. Given that German consumers…
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The Implications of Oil and Gas Field Decline Rates
…outlook for oil and gas supply and, by extension, for market balances.The International Energy Agency (IEA) has long examined this issue, and a detailed understanding of decline rates is at the heart of IEA modelling and analysis, underpinning the insights provided by the scenarios in the World Energy Outlook.This new report – based on analysis of the production records of around 15 000 oil and gas fields around the world – explores the implications of accelerating decline rates, growing reliance on unconventional resources, and evolving project development patterns for the global oil and gas supply landscape, for energy security and for…
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Gas Market Lessons from the 2022-2023 Energy Crisis
…scale-back in access to energy, the impediment to economic activity and the extra burden on government budgets. Market responses varied but governments were quick to react as the challenges of security of supply became apparent. Post-crisis, markets must continue to adapt as the effects of the crisis continue to influence security of gas supply. Taking stock of this new situation and how to approach it will be key to improving security of gas supply and enhancing the collective resilience to potential future natural gas market shocks. This report aims to do just that, highlighting five key gas market…
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Oil Market Report - May 2025
…In the balance Oil prices resumed their downward trajectory in late April and early May as trade tensions impacted financial and commodity markets and OPEC+ agreed to a further unwinding of production cuts. Bearish sentiment subsequently eased somewhat after the United States reached a trade deal with the United Kingdom on 8 May, and a 90-day accord with China on 12 May. Nonetheless, increased trade uncertainty is expected to weigh on the world economy and, by extension, oil demand. Brent crude oil futures slumped by $14/bbl in April to a four-year low of just above $60/bbl…
