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Oil Market Report - October 2025
…in August to a four-year high of 7 909 mb, as a 36.2 mb build in products was partly offset by an 18.5 mb decline in global crude, NGLs and feedstocks. OECD total inventories rose by 22 mb, non-OECD by 4 mb, supported by rising Chinese crude inventories, while oil on water dropped 8 mb. Preliminary data for September show sharply higher oil stocks, led by a 102 mb build in oil on water.In calm trading, benchmark crude prices were little changed in September, as a looming supply surplus dampened the bullish impact of heightened…
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Renewables for Industry
…fossil fuel use and associated emissions, it can improve energy security by lowering exposure to volatile gas and oil prices and, when integrated with thermal storage, it can create demand flexibility that helps ensure a higher share of variable renewable generation.This report explores how to expand the role of renewables in the industrial energy mix through electrification of low-temperature heat and steam. It focuses on the European Union, China and the Association of Southeast Asian Nations (ASEAN), examining their techno-economic potential and existing policy environments. Finally, the report proposes priority action areas for accelerating industrial heat electrification.
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Oil Market Report - April 2026
…of Hormuz were choked off. At the same time, with limited outlets after the effective closure of the Strait, floating storage of crude and oil products in the Middle East rose by 100 mb and onshore crude stocks in the region were up by 20 mb. China added 40 mb of crude to tanks.Oil prices posted their largest-ever monthly gain in March in the wake of the most severe oil supply shock in history. Spot crude benchmarks and differentials soared, outpacing futures markets, as refiners anxiously scrambled to replace locked in Middle Eastern cargoes. At the time of…
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Autonomous vehicles
…with high potential to unlock new revenue streams. The most advanced Level 2 systems in private passenger cars today allow for hands-free navigation on autopilot (Level 2+). People’s Republic of China (hereafter, “China”) and the United States are adopting these systems most quickly; 10% and 6%, respectively, of cars sold in 2025 in these countries were equipped with Level 2+ technology. In the United States, Level 2+ ADAS are either sold as premium features or via software subscription services, whereas in China they are often included in base models. With these systems, drivers are still required to be ready to…
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Oil Market Report - June 2026
…including prolonged demining and unresolved transit arrangements, leave downside risks to the outlook.Refinery crude throughputs are forecast to contract by 2 mb/d in 2026 to 82 mb/d, led by a 4.7 mb/d y-o-y decline in 2Q26. Notwithstanding the interim peace deal, 2026 crude runs estimates are cut by 370 kb/d on the back of much steeper cuts in 3Q26 estimates across China, the Middle East, Eurasia and non-OECD Asia. Runs are expected to rebound by 3.1 mb/d in 2027, as crude supplies normalise to an average of 85 mb…
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7 certainties about energy for this age of uncertainty
…Traditional hazards affecting the security of oil and gas supplies are now accompanied by vulnerabilities in other areas, including electricity security, as highlighted by the recent major blackouts in Chile and Spain, and critical minerals. A single country, China, is the dominant refiner for 19 out of 20 energy-related strategic minerals, with an average market share of around 70%. More than half of these strategic minerals are subject to some form of export controls. Rising energy security risks from climate change are now also a certainty, intensifying the need to make energy systems more resilient to extreme weather events…
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Global battery markets are growing strongly – and so are the supply risks
…competition. Battery energy storage systems (BESS) saw the sharpest price declines, with average global prices in 2025 falling to one-third of levels seen in 2020.At the same time, regional price disparities have widened. In 2025, battery pack prices in China were 30% lower than in the United States, and 35% lower than in Europe. Record low lithium iron phosphate (LFP) battery prices also contributed significantly to overall cost reductions in 2025. LFP battery prices fell by more than 15%, compared with less than 5% for lithium nickel cobalt manganese oxide (NMC) batteries – the second most deployed battery chemistry globally…
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Why the growth of energy service companies is uneven globally
…Over the past five years, the sector’s average annual growth has reached 5% – more than double the rate since 2020.However, this growth remains highly concentrated and uneven. More than 75% of global ESCO investment occurs in just two countries -- the United States and China – where strong policy and institutional frameworks have spearheaded recent growth.In China, successive Five-Year Plans have provided sustained policy direction, driving project values from about USD 5.9 billion in the early 2010s to over USD 22 billion in 2024. Growth has been sustained by progressively tighter energy efficiency and emissions reduction requirements…
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The next wave of LED lighting: Smarter, circular and more efficient
…such as white certificates and renovation programs, have also helped stimulate LED adoption. In addition, international agreements such as the Minamata Convention on Mercury, with more than 150 Parties, are further accelerating the shift away from fluorescent lighting. China is currently the world’s dominant producer of fluorescent lamps and has recently approved measures in line with the Convention, which will also help shift production and exports towards mercury-free LED alternatives.Within this global policy landscape, three distinct regional adoption patterns have emerged:Front-runners: China and India currently lead global LED adoption, with market shares exceeding 85% an...
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Copper prices have hit record highs, but smelters face mounting strategic pressures
…forces shaping today’s copper market – strong structural demand growth and elevated prices – may be good news for producers. However, today’s situation is unusual in that the crucial midstream sector is showing increasing signs of stress, amid a surge in smelter capacity additions in China. Copper is set to face a major supply deficit of 30% by 2035 Copper – a highly conductive metal that is resistant to corrosion – is at the heart of a more electrified energy system. As the world enters an Age of Electricity, strong demand growth for copper is anticipated from a wide variety of sources…