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Global Energy Review 2025
…including oil, natural gas, coal, renewables and nuclear power. This growth was led by the power sector, with demand for electricity rising almost twice as fast as wider energy demand due to higher demand for cooling, rising consumption by industry, the electrification of transport and the growth of data centres and artificial intelligence. Nearly all of the rise in electricity demand was met by low-emissions sources, led by the record-breaking expansion of solar PV capacity, with further growth in other renewables and nuclear power. Gas demand also picked up substantially, while oil and coal consumption increased more slowly…
- Key findings
- Global trends
- Oil
- Natural gas
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+ 3 pages
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Gas Market Report, Q1-2026
Natural gas markets continued to rebalance in 2025. Global LNG supply returned to double-digit growth in the second half of the year, supported by the ramping-up of new LNG liquefaction projects in the United States, Canada and Africa. This strong growth is gradually easing market fundamentals and contributing to a more secure and resilient global gas market.Global LNG supply growth is set to accelerate further in 2026, fostering a stronger increase in natural gas demand, which is expected to reach a new all-time high. Although the LNG supply growth is reducing market tightness, geopolitical tensions and…
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United States
…economy. The reforms aim to strengthen infrastructure deployment and resilience, include a major focus on clean energy manufacturing, improving diverse supply chains and affordability, enhancing equity and the creation of high-quality clean energy jobs.
The US plays a significant role in supporting international energy security as the world’s largest producer of oil and exporter of liquified natural gas. A wave of clean energy investment means the US is today the third-largest market for renewable energy investment, heat pump manufacturing and electric vehicle sales and enabling clean energy transitions around the world through its leadership in technology innovation.- Overview
- Energy mix
- Emissions
- Electricity
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+ 5 pages
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World Energy Outlook 2025 Implications of CPS and STEPS
…But production from existing oil fields declines at a rate of 8% per year, if no investment is made, so it does not take long for supply to tighten – especially with higher oil demand in the CPS. Around 20 million barrels per day (mb/d) of new supply from yet-to-be approved projects come through in the STEPS by 2035 to ensure a balance between supply and demand, and around 25 mb/d in the CPS. Emerging market and developing economies in Asia, including China, are the destination for nearly 60% of the oil and gas exported globally in 2035 in…
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The Implications of Oil and Gas Field Decline Rates
Much attention today focuses on uncertainties affecting the future evolution of oil and natural gas demand, with less consideration given to how the supply picture could develop. However, understanding decline rates – the annual rate at which production declines from existing oil and gas fields – is crucial for assessing the 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…
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Why the growth of energy service companies is uneven globally
ESCO The global annual ESCO market growth rate has more than doubled over the past five years Energy efficiency is one of the most cost-effective tools for enhancing energy security, reducing household energy bills and supporting countries’ efforts to reduce emissions. Energy service companies (ESCOs) – firms that develop and implement energy efficiency projects typically financed through verified energy savings – are playing a growing role in delivering energy efficiency improvements across buildings, industry and transport infrastructure worldwide. By integrating project development, financing and performance guarantees, ESCOs can offer a proven way to reduce upfront investment barriers and shift technical and…
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Gas 2025
Analysis and forecasts to 2030 Global gas markets are set to undergo major changes by the end of the decade, with the coming wave of liquefied natural gas (LNG) production capacity set to profoundly transform market dynamics. The unprecedented scaling up of LNG supply is expected to improve gas supply security and make natural gas more affordable – including in emerging, 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…
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Gas Market Lessons from the 2022-2023 Energy Crisis Introduction
…infrastructure redundancy in managing supply disruptions effectively. Infrastructure remains the backbone of liquid and flexible energy markets, and in the post-crisis market environment energy infrastructure needs are likely to be greater to support security of supply in a more fragile gas market context. Evaluating the associated benefits and costs will be key in mobilising the right energy infrastructure investments and capitalising on their redundancy value in strengthening preparedness for future market shocks.Fourth, the supply shock showed that taking a strategic approach to building supply portfolios, including the use of term contracts, can mitigate price and supply risks during…
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Gas Market Report, Q2-2026 Executive summary
…supply has caused strong price volatility, driving up natural gas prices in both Asia and Europe to their highest levels since the 2022/23 energy crisis and prompting an adjustment in natural gas demand. In the Middle East, attacks on the region’s oil and gas infrastructure lowered gas supply availability for domestic markets. Furthermore, damage to LNG liquefaction infrastructure reduced the outlook for global LNG supply over the medium term and is expected to delay the effect of the unfolding LNG wave – a central theme of the IEA’s latest medium-term outlook. Natural gas markets continued to rebalance…
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Gas Market Lessons from the 2022-2023 Energy Crisis Policy response to the crisis
…response to the crisis. Europe The European Union and its member states adopted a number of measures to enhance security of supply and market resilience ahead of the 2022/23 heating season. However, the European Union’s preparation in handling gas market shocks dates back to well before the emergence of the 2022-2023 crisis.Over more than a decade, the European Union rolled out successive regulatory packages that introduced the fundamental principles of unbundling of energy infrastructure from production and supply activities and of third-party access to importing and transmission infrastructure. Under these rules, cross-border trade in…
