IEA (International Energy Agency)

November 2023 IEA OMR (Oil Market Report)

World oil output increased by 320 kb/d in October to 102 mb/d. Growth in the United States and Brazil is outperforming forecasts, helping to propel global supply higher by 1.7 mb/d to a record 101.8 mb/d in 2023. Non-OPEC+ will again drive overall growth in 2024, projected at 1.6 mb/d. There has been no material impact on oil supply flows from the war between Israel and Hamas that started in early October.

November 2023 IEA OMR (Oil Market Report)

October 2023 IEA OMR (Oil Market Report)

World oil output rose 270 kb/d in September to 101.6 mb/d, led by higher production from Nigeria and Kazakhstan. The Israel-Hamas conflict has not had any direct impact on oil flows. Driven by non-OPEC+ growth, global output will increase by 1.5 mb/d and 1.7 mb/d in 2023 and 2024, respectively, to new record highs. Overall OPEC+ output is set to decline in 2023, although Iran may rank as the world’s second largest source of growth after the United States.

October 2023 IEA OMR (Oil Market Report)

September 2023 IEA OMR (Oil Market Report)

World oil demand remains on track to grow by 2.2 mb/d in 2023 to 101.8 mb/d, led by resurgent Chinese consumption, jet fuel and petrochemical feedstocks. In 2024, naphtha and LPG/ethane, especially in China, will dominate an overall increase of a more modest 990 kb/d, to 102.8 mb/d, reflecting below-trend GDP growth and a structural decline in road transport fuel use in major markets.

September 2023 IEA OMR (Oil Market Report)

August 2023 IEA OMR (Oil Market Report)

World oil demand is scaling record highs, boosted by strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity. Global oil demand is set to expand by 2.2 mb/d to 102.2 mb/d in 2023, with China accounting for more than 70% of growth. With the post-pandemic rebound running out of steam, and as lacklustre economic conditions, tighter efficiency standards and new electric vehicles weigh on use, growth is forecast to slow to 1 mb/d in 2024.

August 2023 IEA OMR (Oil Market Report)

July 2023 IEA OMR (Oil Market Report)

Global oil demand is projected to climb by 2.2 mb/d in 2023 to reach 102.1 mb/d, a new record. However, persistent macroeconomic headwinds, apparent in a deepening manufacturing slump, have led us to revise our 2023 growth estimate lower for the first time this year, by 220 kb/d. Buoyed by surging petrochemical use, China will account for 70% of global gains, while OECD consumption remains anaemic. Growth will slow to 1.1 mb/d in 2024.

July 2023 IEA OMR (Oil Market Report)

June 2023 IEA OMR (Oil Market Report)

World oil demand will grow by 2.4 mb/d in 2023 to 102.3 mb/d, a new record. China’s rebound continues unabated, with its oil demand reaching an all-time high of 16.3 mb/d in April. The non-OECD accounts for 90% of gains this year, as OECD demand remains lacklustre amid the current manufacturing slump. An increasingly adverse macroeconomic climate will act as a headwind in 2024, and as the post-pandemic recovery will largely have run its course, oil demand growth is set to slow to 860 kb/d.

June 2023 IEA OMR (Oil Market Report)

May 2023 IEA OMR (Oil Market Report)

World oil demand is forecast to rise by 2.2 mb/d year-on-year in 2023 to an average 102 mb/d, 200 kb/d above last month’s Report. China’s demand recovery continues to surpass expectations, with the country setting an all-time record in March at 16 mb/d. While the OECD is set to return to growth in 2Q23, its average 2023 increase of 350 kb/d pales in comparison with 1.9 mb/d in non-OECD gains.

May 2023 IEA OMR (Oil Market Report)

April 2023 IEA OMR (Oil Market Report)

World oil demand will climb by 2 mb/d in 2023 to a record 101.9 mb/d. Reflecting the widening disparity between regions, non-OECD countries, buoyed by a resurgent China, will account for 90% of growth. OECD demand, dragged down by weak industrial activity and warm weather, contracted by 390 kb/d y-o-y in 1Q23, its second consecutive quarter of decline. Jet/kerosene accounts for 57% of 2023 gains.

April 2023 IEA OMR (Oil Market Report)

March 2023 IEA OMR (Oil Market Report)

World oil supply leapt 830 kb/d in February to 101.5 mb/d as the US and Canada rebounded strongly from winter storms and other outages. We expect non-OPEC+ to drive global output growth of 1.6 mb/d this year, enough to meet demand in 1H23 but falling short in the second half when seasonal trends and China’s recovery are set to boost demand to record levels.

March 2023 IEA OMR (Oil Market Report)

February 2023 IEA OMR (Oil Market Report)

World oil supply held largely steady in January, at around 100.8 mb/d. The pause comes after a sharp 1.2 mb/d decline at the end of 2022 led by the US and Saudi Arabia. We expect global output to grow 1.2 mb/d in 2023, driven by non-OPEC+. Supply from OPEC+ is projected to contract with Russia pressured by sanctions.

February 2023 IEA OMR (Oil Market Report)

January 2023 IEA OMR (Oil Market Report)

World oil supply growth in 2023 is set to slow to 1 mb/d following last year’s OPEC+ led growth of 4.7 mb/d. An overall non-OPEC+ rise of 1.9 mb/d will be tempered by an OPEC+ drop of 870 kb/d due to expected declines in Russia. The US ranks as the world’s leading source of supply growth and, along with Canada, Brazil and Guyana, hits an annual production record for a second straight year.

January 2023 IEA OMR (Oil Market Report)

IEA OMR (Oil Market Report): November 2022

World oil supply rose 410 kb/d in October to 101.7 mb/d but is forecast to fall by 1 mb/d for the remainder of the year as OPEC+ cuts and an EU ban on Russian crude come into effect. Annual growth of 4.6 mb/d this year is set to boost global production to 99.9 mb/d. Modest gains of just 740 kb/d in 2023 will push supply to 100.7 mb/d.

IEA OMR (Oil Market Report): November 2022

IEA OMR (Oil Market Report): October 2022

World oil supply rose by 300 kb/d in September to 101.2 mb/d, with OPEC+ providing over 85% of the gains. After a massive 2.1 mb/d boost from 2Q22 to 3Q22, growth is forecast to decelerate markedly, to 170 kb/d from 3Q22 to 4Q22, following the OPEC+ decision to cut official production targets by 2 mb/d from November – a 1 mb/d cut to actual output given the bloc’s underperformance vis-à-vis quotas.

IEA OMR (Oil Market Report): October 2022

IEA OMR (Oil Market Report): September 2022

World oil production rose 790 kb/d in August to 101.3 mb/d, with a strong recovery in Libya and smaller gains from Saudi Arabia and the UAE offset by losses in Nigeria, Kazakhstan and Russia. From August through December, growth is forecast to slow, edging up by just 280 kb/d to 101.6 mb/d. In 2022, global production is forecast to rise by 4.8 mb/d, to 100.1 mb/d, and by 1.7 mb/d in 2023 to 101.8 mb/d.

IEA OMR (Oil Market Report): September 2022

IEA OMR (Oil Market Report): August 2022

World oil supply hit a post-pandemic high of 100.5 mb/d in July as maintenance wound down in the North Sea, Canada and Kazakhstan. OPEC+ ramped up total oil production by 530 kb/d in line with higher targets and non-OPEC+ rose by 870 kb/d. World oil supply is set to rise by a further 1 mb/d by year-end. In this Report, we revise up our forecast for Russian oil output but have lowered the outlook for North America.

IEA OMR (Oil Market Report): August 2022

IEA OMR (Oil Market Report): July 2022

World oil supply jumped by 690 kb/d to 99.5 mb/d in June as resilient Russian production and higher output from the US and Canada more than offset steep maintenance-related losses from Kazakhstan. Production is expected to rise by 1.8 mb/d by end-year to reach 101.3 mb/d. Global oil supply is set to average 100.1 mb/d in 2022 before hitting an annual record of 101.1 mb/d in 2023.

IEA OMR (Oil Market Report): July 2022

IEA OMR (Oil Market Report): June 2022

World oil demand is forecast to reach 101.6 mb/d in 2023, surpassing pre-pandemic levels. While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to 2.2 mb/d in 2023. In contrast to 2022 when the OECD led the expansion, non-OECD economies are set to account for nearly 80% of growth next year.

IEA OMR (Oil Market Report): June 2022

IEA OMR (Oil Market Report): May 2022

World oil demand growth is forecast to slow to 1.9 mb/d in 2Q22 from 4.4 mb/d in 1Q22 and is now projected to ease to 490 kb/d on average in the second half of the year on a more tempered economic expansion and higher prices. As summer driving escalates and jet fuel continues to recover, world oil demand is set to rise by 3.6 mb/d from April to August. For 2022, demand is expected to increase by 1.8 mb/d on average to 99.4 mb/d.

IEA OMR (Oil Market Report): May 2022

IEA OMR (Oil Market Report): April 2022

Severe new lockdown measures amid surging Covid cases in China have led to a downward revision in our expectations for global oil demand in 2Q22 and for the year as a whole. Weaker-than-expected demand in OECD countries at the start of the year added to the decline. As a result, our estimate for global oil demand has been lowered by 260 kb/d for the year versus last month’s Report, and demand is now expected to average 99.4 mb/d in 2022, up by 1.9 mb/d from 2021.

IEA OMR (Oil Market Report): April 2022

IEA OMR (Oil Market Report): March 2022

Surging commodity prices and international sanctions levied against Russia following its invasion of Ukraine are expected to appreciably depress global economic growth. As a result, we have revised down our forecast for world oil demand by 1.3 mb/d for 2Q22-4Q22, resulting in 950 kb/d slower growth for 2022 on average. Total demand is now projected at 99.7 mb/d in 2022, an increase of 2.1 mb/d from 2021.

IEA OMR (Oil Market Report): March 2022

IEA OMR (Oil Market Report): February 2022

Global oil supply rose by 560 kb/d to 98.7 mb/d in January, but the uptrend was slowed by a chronic OPEC+ under-performance versus targets that has taken 300 mb of oil off the market since the start of 2021. If OPEC+ cuts are fully unwound, world oil output could rise by 6.3 mb/d in 2022. That would erode effective spare capacity, which could fall from 5.1 mb/d to 2.5 mb/d by year-end. A further 1.3 mb/d of Iranian crude supply could gradually be brought to market should sanctions be lifted.

IEA OMR (Oil Market Report): February 2022

IEA OMR (Oil Market Report): January 2022

While the number of Omicron cases is surging worldwide, oil demand defied expectations in 4Q21, rising by 1.1 mb/d to 99 mb/d. In 1Q22, demand is set for a seasonal decline, exacerbated by more teleworking and less air travel. We have raised our global demand estimates by 200 kb/d for 2021 and 2022 – resulting in growth of 5.5 mb/d and 3.3 mb/d, respectively – due to softer Covid restrictions. World oil supply in 2022 has the potential for a Saudi-driven gain of 6.2 mb/d if OPEC+ fully unwinds its cuts. Oil output from OPEC+ could rise this year by 4.4 mb/d, resulting in reduced effective spare capacity in 2H22 of 2.6 mb/d, held primarily by Saudi Arabia and the United Arab Emirates. Non-OPEC+ growth of 1.8 mb/d in 2022 will be led by the United States.

IEA OMR (Oil Market Report): January 2022

IEA OMR (Oil Market Report): December 2021

A surge in new Covid cases is expected to slow the recovery in global oil demand, with air travel and jet fuel most affected. On average, oil demand has been revised down by around 100 kb/d since last month’s Report for both 2021 and 2022. Global oil demand is now set to rise by 5.4 mb/d in 2021 and by 3.3 mb/d in 2022, when it returns to pre-pandemic levels at 99.5 mb/d. Global oil production is poised to outpace demand from December, led by growth in the US and OPEC+ countries. As this upward trend extends into 2022, the US, Canada and Brazil look set to pump at their highest ever annual levels, lifting overall non-OPEC+ output by 1.8 mb/d in 2022. Saudi Arabia and Russia could also hit records if remaining OPEC+ cuts are fully unwound. In that case, global supply would soar by 6.4 mb/d next year compared with a 1.5 mb/d rise in 2021.

IEA OMR (Oil Market Report): December 2021

IEA OMR (Oil Market Report): September 2021

Global oil demand is estimated to have declined for three straight months due to a resurgence of Covid-19 cases in Asia. As a result, 3Q21 has been revised down by 200 kb/d since last month’s Report. Already signs are emerging of Covid cases abating with demand now expected to rebound by a sharp 1.6 mb/d in October, and continuing to grow until end-year. Global oil demand is now expected to rise by 5.2 mb/d this year and by 3.2 mb/d in 2022.

IEA OMR (Oil Market Report): September 2021

IEA OMR (Oil Market Report): June 2021

The Covid-19 pandemic continues to impact global energy demand. Third waves of the pandemic are prolonging restrictions on movement and continue to subdue global energy demand. But stimulus packages and vaccine rollouts provide a beacon of hope. Global economic output is expected to rebound by 6% in 2021, pushing the global GDP more than 2% higher than 2019 levels. Emerging markets are driving energy demand back above 2019 levels. Global energy demand is set to increase by 4.6% in 2021, more than offsetting the 4% contraction in 2020 and pushing demand 0.5% above 2019 levels. Almost 70% of the projected increase in global energy demand is in emerging markets and developing economies, where demand is set to rise to 3.4% above 2019 levels. Energy use in advanced economies is on course to be 3% below pre-Covid levels.

IEA OMR (Oil Market Report): June 2021

IEA OMR (Oil Market Report): April 2021

Oil demand in 2021 is forecast to reach 96.7 mb/d, an increase of 5.7 mb/d from 2020. Despite weaker-than-expected data for 1Q21, annual growth has been revised up by 230 kb/d on average to take account of better economic forecasts and robust prompt indicators. The recovery remains fragile, however, with the number of Covid cases surging in some major consuming countries. World oil supply rose 1.7 mb/d in March to 92.9 mb/d after shut-in US output recovered from a cold snap. Further gains from the US, Brazil and biofuels are set to lift global supply in April, while producers taking part in OPEC+ cuts continue to limit flows. Non-OPEC+ will see gains of 610 kb/d in 2021 after a 1.3 mb/d drop in 2020. US supply is set to fall 100 kb/d after a 600 kb/d loss in 2020.

IEA OMR (Oil Market Report): April 2021

IEA OMR (Oil Market Report): December 2020

We forecast that oil demand will fall by 8.8 mb/d y-o-y in 2020, a modest 50 kb/d downward revision from our previous Report. Our 2021 demand forecast was revised down by 170 kb/d. This is mainly because of another downgrade for jet fuel/kerosene demand, which will account for around 80% of the overall 3.1 mb/d shortfall in consumption in 2021 versus 2019. In 2021, demand for both gasoline and diesel is projected to return to 97-99% of their 2019 levels.

IEA OMR (Oil Market Report): December 2020

IEA OMR (Oil Market Report): October 2020

Global supply fell 0.6 mb/d to 91.1 mb/d in September, down 8.7 mb/d on 2019, as the UAE slashed output and maintenance cut flows in the North Sea and Brazil, more than offsetting a US rebound from August’s hurricane shut-ins. In 4Q20, world supply may rise towards 92 mb/d from 91.3 mb/d in 3Q20 if Libyan output continues to recover and assuming OPEC+ produces to its target. Total non-OPEC supply is set to drop by 2.6 mb/d in 2020 before recovering by 0.4 mb/d in 2021.

IEA OMR (Oil Market Report): October 2020

IEA OMR (Oil Market Report): September 2020

Global oil supply rose by 1.1 mb/d in August to 91.7 mb/d as OPEC+ cuts eased, but was down 9.3 mb/d on a year ago. Following two months of gains, the recovery in countries outside the OPEC+ deal stalled in August. Production in the United States fell by 0.4 mb/d as Hurricane Laura forced precautionary shut-ins. Total non-OPEC supply is expected to drop by 2.6 mb/d in 2020, before posting a modest 0.5 mb/d recovery next year.

IEA OMR (Oil Market Report)

Global Energy Review 2020

In response to the exceptional circumstances stemming from the coronavirus pandemic, the annual IEA Global Energy Review has expanded its coverage to include real-time analysis of developments to date in 2020 and possible directions for the rest of the year. In addition to reviewing 2019 energy and CO2 emissions data by fuel and country, for this section of the Global Energy Review we have tracked energy use by country and fuel over the past three months and in some cases – such as electricity – in real time. Some tracking will continue on a weekly basis. The uncertainty surrounding public health, the economy and hence energy over the rest of 2020 is unprecedented. This analysis therefore not only charts a possible path for energy use and CO2 emissions in 2020 but also highlights the many factors that could lead to differing outcomes. We draw key lessons on how to navigate this once-in-a-century crisis.

IEA Global Energy Review 2020

IEA OMR (Oil Market Report): April 2020

Global oil demand is expected to fall by a record 9.3 mb/d year-on-year in 2020. The impact of containment measures in 187 countries and territories has been to bring mobility almost to a halt. Demand in April is estimated to be 29 mb/d lower than a year ago, down to a level last seen in 1995. For 2Q20, demand is expected to be 23.1 mb/d below year-ago levels. The recovery in 2H20 will be gradual; in December demand will still be down 2.7 mb/d y-o-y.

IEA OMR (Oil Market Report)

Renewables 2019

Renewables 2019 is the IEA market analysis and forecast from 2019 to 2024 on renewable energy and technologies. It provides global trends and developments for renewable energy in the electricity, heat and transport sectors. The analysis this year contains an in-depth look at distributed solar PV, which is set to more than double in capacity in the next five years, accounting for almost half of all solar PV growth. The report assesses the current state of play of distributed solar PV and maps out its huge growth potential in the coming years.

Renewables 2019 - Market analysis and forecasts to 2024

IEA OMR (Oil Market Report): October 2019

Oil markets in September withstood a textbook case of a large-scale supply disruption as the attacks on Saudi Arabia temporarily affected about 5.7 mb/d of crude production capacity. On Monday 16 September, the first trading day following the attacks, after an initial spike to $71/bbl Brent prices fell back as it became clear that the damage, although serious, would not cause long-lasting disruption to markets. Saudi Aramco’s achievement in restoring operations and maintaining customer confidence was very impressive. This is reflected in the fact that as we publish this Report, the price of Brent is close to $58/bbl, actually $2/bbl below the pre attack level.

IEA OMR (Oil Market Report)

IEA OMR (Oil Market Report): August 2019

Global demand fell 160 kb/d y-o-y in May, the second annual fall seen in 2019. In January to May it was up only 520 kb/d, the lowest increase for the period since 2008. Chinese oil demand was revised upwards, but India and the US show weakness. We lowered our global growth forecasts for 2019 and 2020 by 100 kb/d and 50 kb/d, to 1.1 mb/d and 1.3 mb/d, respectively.

Global oil supply held steady in July above 100 mb/d, but fell below year earlier levels for the first time since November 2017. Robust compliance with OPEC+ supply cuts and losses from Venezuela and Iran saw OPEC oil production fall by 2 mb/d versus July 2018. Non-OPEC supply was up 1.4 mb/d y-o-y in July and is set to grow by 1.9 mb/d in 2019 and 2.2 mb/d next year.

IEA OMR (Oil Market Report)

World Energy Investment 2019

The World Energy Investment (WEI) report is the world’s benchmark for tracking investment trends across the energy sector. Now in its fourth edition, the report continues to enhance its role as a timely and valued analytical tool - with a new look and feel - to help inform decision making by governments, industry and the financial community alike. In 2018, global energy investment stabilised at over USD 1.8 trillion after three years of decline. More spending on oil, gas and coal supply was offset by lower spend on fossil-fuel based generation and renewable power. Efficiency spending was unchanged. Power still attracted the most investment, exceeding oil and gas for a third year in a row. ...

World Energy Investment 2019

IEA OMR (Oil Market Report): May 2019

Our 2018 oil demand growth estimate has been revised down by 70 kb/d to 1.2 mb/d and our 2019 forecast is reduced by 90 kb/d to 1.3 mb/d.
OPEC crude output rose 60 kb/d in April to 30.21 mb/d as higher flows from Libya, Nigeria and Iraq offset Iranian losses.
OECD oil stocks fell by 25.8 mb in March.
ICE Brent rose to a five-month high of $74.57/bbl in late April after the end of US waivers on Iranian exports, but has since fallen by 6%. 

IEA OMR (Oil Market Report)

IEA OMR (Oil Market Report): January 2019

Our estimates for global oil demand growth in 2018 and 2019 are unchanged at 1.3 mb/d and 1.4 mb/d, respectively.
Global oil supply fell by 950 kb/d in December, led by lower OPEC output ahead of new supply cuts.
OPEC crude oil output dropped by 590 kb/d in December, to 32.39 mb/d.
Global refining throughput is estimated to have reached a record high of 84.2 mb/d in December, causing refinery margins to fall, despite the slide in crude prices.
OECD commercial stocks fell 2.5 mb month-on-month in November to 2 857 mb.
Benchmark crude oil futures prices fell to a 16-month low at the end of 2018. 

IEA OMR (Oil Market Report): January 2019

Coal 2018 Analysis and forecasts to 2023

Coal 2018 Analysis and forecasts to 2023

In a growing number of countries, the elimination of coal-fired generation is a key climate policy goal while in others, coal is abundant and affordable and remains the key source of electricity. Ultimately, despite significant media attention being given to divestments and moves away from coal, market trends are proving resistant to change.

After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output and electricity use. Driven by strong coal power generation in China and India, coal demand is expected to grow again in 2018.

World Energy Investment 2018

The IEA's World Energy Investment provides a wealth of data and analysis for decision making by governments, the energy industry and financial institutions to set policy frameworks, implement business strategies, finance new projects and develop new technologies. It highlights the ways in which investment decisions taken today are determining how energy supply and demand will unfold tomorrow. This year's edition points to another year of falling investment in 2017, and that energy investment is failing to keep up with energy security and sustainability goals.

World Energy Investment 2018

World Energy Outlook 2018

The World Energy Outlook 2018 examines future patterns of a changing global energy system at a time of increasing uncertainties and finds that major transformations are underway for the global energy sector, from growing electrification to the expansion of renewables, upheavals in oil production and globalisation of natural gas markets. Across all regions and fuels, policy choices made by governments will determine the shape of the energy system of the future.

World Energy Outlook 2018

IEA OMR (Oil Market Report): December 2018

Our estimate of 2018 oil demand growth is largely unchanged at 1.3 mb/d. Our projection for oil demand growth in 2019 remains also unchanged, at 1.4 mb/d

Global oil supply fell 360 kb/d month-on-month (m-o-m) in November to 101.1 mb/d 

OPEC crude oil output rose 100 kb/d m-o-m to 33.03 mb/d in November 

IEA OMR (Oil Market Report): December 2018

WEO (World Energy Outlook) 2017

Four large-scale shifts in the global energy system set the scene for the World Energy Outlook-2017 (WEO-2017):
- The rapid deployment and falling costs of clean energy technologies; in 2016, growth in solar PV capacity was larger than for any other form of generation; since 2010, costs of new solar PV have come down by 70%, wind by 25% and battery costs by 40%.
- The growing electrification of energy; in 2016, spending by the world’s consumers on electricity approached parity with their spending on oil products.
- The shift to a more services-oriented economy and a cleaner energy mix in China, the world’s largest energy consumer, subject of a detailed focus in this Outlook.
- The resilience of shale gas and tight oil in the United States, cementing its position as the biggest oil and gas producer in the world even at lower prices.

IEA OMR (Oil Market Report): November 2018

The outlook for global oil demand growth is largely unchanged at 1.3 mb/d in 2018 and 1.4 mb/d in 2019.
Global oil supplies are growing rapidly: October output was up 2.6 mb/d on a year ago. Non-OPEC output will grow by 2.4 mb/d this year and 1.9 mb/d in 2019.
OPEC crude output rose 200 kb/d in October to 32.99 mb/d, up 240 kb/d on a year ago. (Source: www.iea.org/)

IEA OMR (Oil Market Report): October 2018

The forecast for demand growth in 2018 and 2019 has been reduced for both years by 110 kb/d to 1.3 mb/d and 1.4 mb/d, respectively. 
OECD demand, supported by a strong 1Q18 and robust US growth, will expand by 300 kb/d in 2018, slowing to 130 kb/d in 2019. 
Global oil supply is growing fast; in September, world oil production, at around 100 mb/d, was 2.6 mb/d higher than a year ago. 
OPEC crude oil production rose by 100 kb/d in September to a one-year high of 32.78 mb/d. (Source: www.iea.org/)

IEA OMR (Oil Market Report): March 2018

Demand is expected to increase by 1.5 mb/d in 2018 to 99.3 mb/d, a 0.1 mb/d upward revision compared to last month's forecast. Global oil demand is estimated at 97.8 mb/d in 2017, unchanged from last month.
- Strong early data contributed to an upward revision of 240 kb/d in our outlook for OECD growth in 2018. The switch to natural gas in Pakistan and Iraq's power sectors is responsible for a downward revision of 150 kb/d to non-OECD demand.
- Global oil supply in February eased to 97.9 mb/d and was up by 0.7 mb/d on a year earlier due to higher non-OPEC output. Strong growth in the US is expected to boost this year's non-OPEC expansion to 1.8 mb/d compared to 760 kb/d in 2017.  (Source: www.iea.org/)

IEA OMR (Oil Market Report): January 2018

- Demand estimates in 2017 and 2018 are roughly unchanged at 97.8 mb/d and 99.1 mb/d respectively. A 40 kb/d downward revision to 2016 demand, however, pushed up the 2017 growth to 1.6 mb/d, while our growth estimate for 2018 remains unchanged at 1.3 mb/d.
- The slowdown in 2018 demand growth is mainly due to the impact of higher oil prices, changing patterns of oil use in China, recent weakness in OECD demand and the switch to natural gas in several non-OECD countries.
- Global oil supply in December eased by 405 kb/d to 97.7 mb/d due mostly to lower North Sea and Venezuelan output. Production was steady on a year ago as non-OPEC gains of nearly 1 mb/d offset declines in OPEC. (Source: www.iea.org/)

WEO (World Energy Outlook) 2017

Four large-scale shifts in the global energy system set the scene for the World Energy Outlook-2017 (WEO-2017):
- The rapid deployment and falling costs of clean energy technologies; in 2016, growth in solar PV capacity was larger than for any other form of generation; since 2010, costs of new solar PV have come down by 70%, wind by 25% and battery costs by 40%.
- The growing electrification of energy; in 2016, spending by the world’s consumers on electricity approached parity with their spending on oil products.
- The shift to a more services-oriented economy and a cleaner energy mix in China, the world’s largest energy consumer, subject of a detailed focus in this Outlook.
- The resilience of shale gas and tight oil in the United States, cementing its position as the biggest oil and gas producer in the world even at lower prices.

IEA OMR (Oil Market Report): June 2017

Recent weaknesses in demand growth are likely to prove transitory, particularly in post currency-reform India. Although global growth was only 0.9 mb/d in 1Q17, it accelerates in 2H17 and for the year as a whole our outlook remains unchanged at 1.3 mb/d. In 2018, growth increases modestly to 1.4 mb/d as demand reaches a record 99.3 mb/d.
Global oil supply rose by 585 kb/d in May to 96.69 mb/d as both OPEC and non-OPEC countries produced more. 
OPEC crude output rose by 290 kb/d in May to 32.08 mb/d, the highest level so far this year, after comebacks in Libya and Nigeria, which are exempt from supply cuts.

IEA OMR (Oil Market Report): June 2017

IEA OMR (Oil Market Report): April 2017

Global demand growth of 1.3 mb/d is forecast for 2017
World oil supply fell by 755 kb/d in March as OPEC and non-OPEC producers pumped less and improved compliance with the output reduction pact. 
OPEC crude output fell by 365 kb/d in March to 31.68 mb/d, led by losses in Nigeria, Libya - both exempt from supply cuts - and Saudi Arabia. 
OECD industry stocks drew moderately in February 
Crude prices fell more than $3/bbl on average in March, but rose by $5/bbl in early April. 
After 1Q17's almost flat performance vs 1Q16, refinery throughput in 2Q17 will grow 1.15 mb/d y-o-y. 

IEA OMR (Oil Market Report): April 2017