Rapid changes in behaviour from the COVID-19 pandemic and a stronger drive by governments towards a low-carbon future have caused a dramatic downward shift in expectations for oil demand in the coming years. This is forcing hard decisions on oil-producing countries and companies, which are reluctant to leave resources untapped or to install new capacity that would only sit idle. Could oil demand peak sooner than expected? Or is the world heading into a supply crunch? What will the implications be for the refining industry and trade flows?
As the world's oil markets are rebalancing after the COVID-19 crisis spurred an unprecedented collapse in demand in 2020, this IEA report tackles the future outlook of the oil market by analysing market data, trends in investment and government policies. The report provides a comprehensive outlook for global supply and demand through 2026 and explores some of the challenges and uncertainties that lie ahead.