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Gas Market Lessons from the 2022-2023 Energy Crisis
The 2022-2023 energy crisis tested the resilience of the global gas and LNG markets with the most severe gas supply shock in history. During the crisis, natural gas-importing markets around the world felt the pressures of record-high gas prices, including the 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…
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Gas Market Report, Q2-2026
This edition of the IEA's quarterly Gas Market Report provides a comprehensive review of developments during the 2025/26 heating season and a special spotlight on the effects of the war in the Middle East on international gas markets. Amid the major supply shock caused by the disruptions to shipping through the Strait of Hormuz and attacks on regional energy infrastructure, it examines the conflict’s implications for gas supply and demand at both the regional and global levels. The report also analyses the consequences for storage, shipping and prices – providing critical insights on evolving market trends.The loss of nearly…
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Energy Security
…oil security, its work has since broadened to include the security of natural gas, electricity and clean energy supply chains.Threats to energy systems are constantly evolving. The IEA continually monitors and analyses these threats, including geopolitical risks, cyberattacks on energy infrastructure, supply chain disruptions and extreme weather events. On 24 and 25 April, 2025, the IEA convened an International Summit on the Future of Energy Security, hosted by the UK government in London. The event gathered world leaders to address traditional and emerging risks related to energy security in an era of geopolitical strains, technological transformation and a changing climate. Oil…
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World Energy Outlook 2022 Outlook for liquid fuels
The situation for oil markets today could hardly be more different from what it was in 2020. Two years ago, lockdowns imposed in response to the Covid-19 pandemic caused a huge oversupply of oil, leading prices to collapse to an average of USD 44/barrel. Today, global supply is struggling to keep pace with demand, with many producers bumping up against capacity constraints and Russia’s invasion of Ukraine sharply accentuating market tightness. Prices have soared to an average of USD 105/barrel so far in 2022.Global oil use is subject to sharply conflicting pressures. Some sectors, notably aviation, are…
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Oil 2025 Executive summary
Turbulent times in oil markets Heightened geopolitical risks, unresolved trade tensions, and policy shifts have added myriad uncertainties to the oil market outlook. Since the start of the year, major economic forecasters have cut their outlooks for world GDP growth in 2025 by roughly half a percentage point to around 2.8% and see a below-trend pace of about 3% annually for the remainder of the decade, with knock-on implications for oil demand. With conflicts in the Middle East region at risk of intensifying and trade negotiations ongoing, uncertainties surrounding our forecasts are substantial. At the same time…
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Southeast Asia Energy Outlook 2026 Executive summary
…billion in 2024 to around USD 245 billion by 2035, further increasing exposure to global price volatility. By contrast, if the region were to reach its announced climate pledges, the fossil fuel import bill in 2035 would be around half this level. The challenge is therefore not only to manage the near-term impacts of the crisis, but also to accelerate the structural changes needed to reduce exposure to future shocks. Immediate impacts have been felt most acutely in refining, petrochemicals, power generation and cooking fuels. Disruptions have led to shortages of key products, particularly naphtha, a critical petrochemical feedstock…
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Oil
Oil
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Sheltering From Oil Shocks Oil use in industry
…industrial oil-consuming facilities can save additional fuel in the short-term through maintenance checks and optimising how equipment is operated. Measures vary by site but typically include shutting down equipment when not in use, reducing temperature and pressure setpoints to only what is necessary, fixing leaks and maintenance issues, and improving scheduling so processes run more efficiently.Impact: The degree of flexibility in petrochemical production and the level of stocks varies largely across regions. Most of the flexible chemical facilities are concentrated in Asia and Europe. With quick maintenance checks, individual industrial facilities can often reduce overall oil use…
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National Climate Resilience Assessment for Algeria
…diverging precipitation trends between the northern coast and southern desert areas. The densely populated north is expected to experience steep declines in precipitation, increasing risks for droughts and wildfires. Droughts amplify water stress of critical energy infrastructure, and wildfires threaten electricity networks, power plants, and oil and gas operations. According to the Algerian General Directorate of Forests, about 3 000 fire outbreaks were recorded annually over the period 2010‑2019, burning nearly 310 km2 a year. At the same time, Algeria’s desert regions could see an increase in extreme precipitation events, flash floods and riverbed overflows in a high-emissions scenario which…
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Household Energy Affordability
Energy is one of the top expenses for millions of households, making energy affordability an important policy concern for governments. The impacts of the global energy crisis on consumer prices have been significantly felt in household budgets. Despite coming down from their peak in 2022, prices remain elevated compared to pre-crisis levels and households continue to grapple with higher living costs.This report sets out to identify key trends that are shaping the state of energy affordability around the world today. It explores how system drivers and household energy consumption influence the makeup of energy bills and opens a…
