Oil 2024

Energy supply security remains a central pillar of the international policy agenda as geopolitical tensions escalate. Wide-ranging sanctions on Russia, emerging new international trade flows in response to tanker disruptions through the critical Red Sea transit corridor, and heightened threats of instability in the broader Middle East are all transforming international oil market activity. At the same time, accelerated and concerted efforts to tackle the climate crisis have never been stronger, with a peak in oil demand now forecast by 2030. This Report explores these challenges and their important implications for the global oil market.   

Oil 2024 looks beyond the short-term horizon covered in the IEA’s monthly Oil Market Report to provide a comprehensive overview of evolving oil supply and demand dynamics through to 2030. This Report provides detailed forecasts and analysis of oil demand fundamentals across fuels, sectors and regions. It also outlines the supply potential from planned upstream and downstream projects around the world. The results provide invaluable insights on spare production capacity, product supply and trade flows, as well as the implications of surging output of natural gas liquids (NGL) in this era of petrochemical-driven demand growth.

The June edition of the monthly Oil Market Report will be released on the same day, comprising the usual data and projections through end-2025 but with abridged text.