Oil markets have faced significant turbulence this year. Heightened geopolitical risks, trade tensions and policy shifts have all affected the outlook. At the same time, the major drivers of supply and demand over the past 15 years are losing momentum, signalling that a deeper transformation of markets is underway.

In this episode, Toril Bosoni, Head of the IEA’s Oil Industry and Markets Division, unpacks the latest developments, speaking about the forces shaping oil markets today, how resilient they could be to tensions in the Middle East and elsewhere, and what the oil market might look like in the years ahead.