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Oil Market Report - December 2025
…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 set to rise by 830 kb/d in 2025 amid an improving macroeconomic and trade outlook. These brighter prospects extend to our 2026 forecast, which we have upgraded by 90 kb/d, to 860 kb/d y-o-y. Gasoil and jet/kerosene account for half of this year’s gains, with fuel oil losing ground to natural gas and solar in power…
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Oil Market Report - October 2025
…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 year, but stock builds have so far been concentrated in crude in China and gas liquids in the United States. By September, however, a surge in Middle East production, coinciding with seasonally lower regional crude demand…
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Oil Market Report - November 2025
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 growth rebounded to 920 kb/d in 3Q25, mainly due to stronger deliveries in China. The third-quarter increase was more than double 2Q25’s 430 kb/d y-o-y expansion, as the macroeconomic picture broadly improved on easing trade tensions. Worldwide…
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Oil Market Report - February 2026
…Margins fell further in January, as December’s resurgent runs eased product market tightness.Observed global oil inventories rose by 37 mb in December, taking total 2025 stocks builds to 477 mb, or 1.3 mb/d. Chinese crude oil stocks built by 111 mb last year, while oil on water swelled by 248 mb, of which sanctioned oil accounted for 72%. OECD industry stocks rose by a counter-seasonal 3.9 mb in December, to surpass its five-year average for the first time since 2021. Preliminary data show global stocks surged by a further 49 mb in January…
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Oil Market Report - January 2026
…wake of geopolitical developments in Iran and Venezuela, but eased by mid-month as tensions moderated. North Sea Dated fell by $0.99/bbl m-o-m in December to an average $62.64/bbl, as markets remained well supplied. This was the benchmark’s sixth consecutive monthly decline, with prices hitting a low 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…
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Oil Market Report - September 2025
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 increase by 740 kb/d y-o-y in 2025, up marginally from last month's Report, with resilient deliveries in advanced economies contrasting with relatively muted consumption in emerging economies. OECD demand growth of 80 kb/d y-o…
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Gas 2025
…price-sensitive import markets. However, to account for these shifts, LNG producers and suppliers may need to adapt their medium-term strategies.The Gas 2025 medium-term report from the International Energy Agency (IEA) examines this coming transformation and its consequences, offering a comprehensive overview of potential supply, demand and trade trends in global natural gas markets for the coming years. It provides a thorough review of recent market developments ahead of the 2025-26 winter season in the Northern Hemisphere – and includes forecasts for how supply and demand could evolve to 2030.The report also includes the IEA’s…
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Oil Market Report - March 2025
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 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…
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Oil Market Report - July 2025
…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 growth is forecast to increase by 700 kb/d in 2025, its lowest rate since 2009, with the exception of the 2020 Covid year. Annual growth eased from 1.1 mb/d in 1Q25 to just 550 kb/d in 2Q25, with emerging market consumption…
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Oil Market Report - April 2025
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 for 2025 has been revised down by 300 kb/d since last month’s Report to 730 kb/d, as escalating trade tensions have negatively impacted the economic outlook. Growth is expected to slow further in 2026, to 690 kb/d, but…
