The global energy crisis has moved energy security to the fore of the international policy agenda and boosted the momentum behind the deployment of clean energy technologies. Investment in clean energy is accelerating at a faster rate than for fossil fuels, helping bring peak oil demand into view. Oil 2023, the IEA’s medium‑term outlook, provides a comprehensive overview of evolving oil supply and demand dynamics through to 2028.

The report examines how a stronger drive by governments towards a low-emissions future and changes in behaviour will impact oil market fundamentals in the coming years. Oil 2023 explores some of the challenges and uncertainties that lie ahead, including upstream investment, sources of new supply growth, spare capacity and shifting patterns of oil demand. It also provides insights as to how these changing dynamics will affect refining and trade flows.