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Oil Market Report – June 2026
Background information The IEA's monthly Oil Market Report (OMR) is the exclusive source for official government statistics from all OECD countries, as well as selected non-OECD countries, together with both historical datasets and supply-and-demand forecasts for the year ahead.Featuring tables, graphs and statistics, the OMR provides all the data necessary to perform ad-hoc analysis and track oil market developments and to identify trends in production, consumption, refining, inventories in OECD countries and prices for both crude and products. The OMR is a subscription service, released around the middle of each month. Read the highlights…
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New podcast episode examines mounting disruptions in oil markets
…senior oil market analysts Rebecca Schulz and David Martin. They discuss the latest data, drawing from the IEA’s April Oil Market Report, and explore the real-world consequences for oil-consuming countries and industries – as well as how the situation has reshaped the IEA’s forecasts for supply and demand in the months ahead.The Everything Energy podcast offers perspectives on a wide range of leading global energy issues. In other recent episodes, IEA experts have discussed the Agency’s largest-ever emergency oil stock release, walked through 10 measures that could help shelter consumers from the effects of higher oil…
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The mounting disruptions in oil markets
…the war in the Middle East, shipping through the Strait of Hormuz – one of the world’s most critical energy chokepoints – has plunged, creating the largest disruption to oil supply in history. How is this shock rippling through oil markets? What are the real-world consequences for oil-consuming countries and industries? And how has it changed the IEA’s forecasts for supply and demand in the months ahead?
In this episode, senior oil market analysts Rebecca Schultz and David Martin discuss these questions and more, drawing on fresh data and analysis from the IEA’s April Oil Market Report. -
How global oil supplies have readjusted to help fill the huge gap left by the Strait of Hormuz shock
…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, and by 1.1 million barrels per day on average for the full year. That compares with the forecast in February, before the outbreak of hostilities, of global demand growth of 850 000 barrels per day for the full year.In practice, the declines in demand have been much lower than the major losses of oil flows come through the Strait. Three other adjustments and…
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A deepening crisis in oil markets and beyond
…provided an additional buffer to markets. Even so, observed global inventories, including oil on water, were drawn down by 250 million barrels over March and April, or by 4 million barrels per day.
Against this backdrop, global oil demand is now forecast to contract by 420,000 barrels per day in 2026. This is 1.3 million barrels per day below our pre-conflict forecast for global demand. For now, the steepest losses are concentrated in the petrochemical sector, where feedstock availability is becoming increasingly constrained. Aviation activity is also running well below normal levels. The report sees higher prices…
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How the Middle East war has upended oil markets
…global oil demand will contract by 80,000 barrels per day this year. This contrasts with our earlier forecast, before the outbreak of hostilities, that global demand would grow by 850,000.
The report emphasises that, while the situation continues to evolve quickly, the resumption of regular flows through the Strait of Hormuz remains the single most important variable in easing the pressure on energy supplies, prices and the global economy. Even once the Strait reopens, it will take time for flows to normalise.
For more in-depth analysis of the situation in oil markets, read the full report https…
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Update on IEA collective action decision of 11 March 2026
…2011, and twice in 2022.The war in the Middle East is creating the largest supply disruption in the history of the global oil market. This emergency collective action, by far the largest ever, provides a significant and welcome buffer. But the most important factor in ensuring a return to stable flows is the resumption of regular transit of shipping through the Strait of Hormuz. Adequate insurance mechanisms and physical protection for shipping are key to the resumption of flows.For a more detailed assessment of the situation, the IEA’s latest monthly Oil Market Report, published on 12 March…
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The Strait of Hormuz and global LNG supply
How the Middle East conflict is impacting natural gas markets worldwide
An International Energy Agency Newsletter
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Welcome back to Energy Snapshot, the International Energy Agency’s monthly newsletter focused on charts and data. In today’s edition, we look at how the Middle East conflict is affecting global LNG markets.
Were you forwarded this email? You can subscribe here. https://www.iea.org/energy-snapshot
The impacts of the Middle East conflict on oil markets https://www.iea.org/reports/oil-market-report-march-2026 have been in focus over the past week…
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Joint Statement on 13 April by the Heads of the International Energy Agency, International Monetary Fund, and World Bank Group
…release this Tuesday, April 14, of the IEA’s monthly Oil Market Report and IMF’s World Economic Outlook. We also discussed the situations of the countries most affected by the shock as well as the responses by our institutions. Our teams are working closely, including at country level, to leverage our respective expertise and help countries through tailored policy advice and, in the case of the IMF and World Bank, financial support where needed.We will continue to monitor closely and assess the impact of the war on energy markets, the global economy and individual countries, and to coordinate…
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The energy implications of events in the Middle East
…The disruption to oil flows through the Strait has forced some operators to start shutting in production. The region’s output of refined products has also been impacted.
Natural gas markets, meanwhile, have gradually rebalanced https://www.iea.org/reports/gas-market-report-q1-2026 in recent years following the major shock that followed Russia’s invasion of Ukraine in February 2022. A wave of new LNG capacity https://www.iea.org/data-and-statistics/data-tools/global-lng-capacity-tracker between now and the end of this decade is expected to transform market dynamics. But markets remained tight in…