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Outcome Statement of the IEA’s 11th Annual Conference on Energy Efficiency
…world agreed on a global target for energy efficiency – to double progress by 2030.This year, the conflict in the Middle East caused a near halt in shipping traffic through the Strait of Hormuz, leading to the largest supply disruption in the history of the global oil market. This has affected global markets for crude oil and refined products, LNG, and other key commodities, and created severe disruptions in energy supply in many countries. We recognise this crisis demands historic action by governments and that energy efficiency is central to this response.We acknowledge the role energy efficiency can play…
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Contending with the effects of the energy crisis
…key global energy trends in 2025; a new podcast episode on critical mineral supply chain risks; and more.
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Executive Director meets Chancellor of Germany to discuss energy impacts of Middle East crisis
As the lack of shipping flows through the Strait of Hormuz continues to disrupt global oil and gas supplies, our Executive Director Fatih Birol recently travelled to Berlin where he met with Chancellor Friedrich Merz of Germany and other senior government leaders to discuss the implications of the unfolding crisis for energy markets…
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Supporting countries in the unfolding energy crisis
…February has reduced energy trade flows through the Strait of Hormuz to a trickle. This has created what amounts to “the greatest threat to global energy security in history,” according to our Executive Director Fatih Birol. The disruptions are being increasingly felt around the world and have driven significant rises in oil and gas prices, with particularly sharp spikes in jet fuel and diesel markets. To help address these unprecedented disruptions, IEA Member countries unanimously agreed https://www.iea.org/news/iea-member-countries-to-carry-out-largest-ever-oil-stock-release-amid-market-disruptions-from-middle-east-conflict last…
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The energy crisis and electrification
…The disruption to energy supplies through the Strait of Hormuz https://www.iea.org/topics/the-middle-east-and-global-energy-markets amid the conflict in the Middle East is leading countries to look increasingly at the options for meeting more of their energy needs at home. This could provide further momentum for electrification, which had already been accelerating around the world.
Electrification – through heat pumps, electric vehicles and electrified industrial processes – is expanding rapidly, with investment growing around 15% year-on-year, according to our recent World Energy Investment report https://www.iea.org/reports/world-energy-investment-2026…
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A deepening crisis in oil markets and beyond
…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, a deteriorating economic environment and demand-saving measures further weighing on global oil consumption in the months ahead.
Read the report https://www.iea.org/reports/oil-market-report-may-2026 and learn more about the energy crisis and the IEA's response, visit our dedicated topic page https://www.iea.org/topics/the-middle-east-and-global-energy-markets…
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IEA hosts high-level energy dialogue with Türkiye and Australia
…including the emissions implications of zero waste strategies, expanding clean cooking access and the electrification of industry.“As the world faces an unprecedented energy security threat due to disruptions to oil and gas supplies from the Middle East, I am encouraged by the positive discussions today on the urgent need to scale up secure, affordable and sustainable energy solutions that benefit everyone, especially those who lack access to modern energy services,” said IEA Executive Director Fatih Birol. “I would like to thank President-Designate Kurum and the governments of Türkiye and Australia for their commitment to delivering a successful COP31…
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Joint Statement by the Heads of the International Energy Agency, International Monetary Fund, World Bank Group, and World Trade Organization
Washington, DC: The Heads of the International Energy Agency, International Monetary Fund, World Bank Group and World Trade Organization met on May 28 as part of the high-level coordination group established in April to maximize their institutions’ response to the energy, trade, and economic impacts of the war in the Middle East. Following the meeting, they issued the statement below:“The war in the Middle East is generating substantial and highly asymmetric impacts on energy supplies, food security, and economic activity across countries and regions. While the global economy continues to show resilience, the effects of the conflict are…
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Statement by IEA Executive Director Fatih Birol on his participation in a meeting of G7 Finance Ministers
…which holds the G7 Presidency, I took part in a meeting of G7 Finance Ministers on the global economic situation and Middle East conflict.I provided an update on the IEA’s view of conditions in global oil markets, which have deteriorated in recent days. In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market. We discussed all the available options, including making IEA emergency oil stocks available to the market. IEA Member countries currently hold over 1.2…
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Statement by IEA Executive Director on energy markets
Background information IEA Executive Director Dr Fatih Birol will deliver a statement on the situation in global energy markets today at 15:00 Paris time.
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New podcast episode highlights 10 options to ease impacts of rising oil prices on consumers
…oil prices amid supply disruptions stemming from the war in the Middle East.Now available on Apple Podcasts and Spotify, the episode features Stéphanie Bouckaert, Head of the IEA’s Demand Sectors Unit, and Lucas Boehlé, an IEA analyst focused on energy efficiency. They note that while the IEA is coordinating the release of 400 million barrels of oil from its Member countries’ emergency reserves to help counter the supply disruptions, actions on the demand side can also play a key role.On the episode, they discuss 10 immediate options that could help shelter consumers from the effects of the current oil market shock…