The Oxford Institute for Energy Studies is a world leading independent energy institute specialising in advanced research into the economics and politics of international energy across oil, gas and electricity markets.

Demand Shocks, Supply Shocks and Oil Prices: Implications for OPEC

The Geopolitics of East Med Gas: Hyped Expectations and Hard Realities

Oxford Energy Forum – Economic Diversification in the MENA – Issue 118

Contracts for Difference and the Evolution of the Brent Complex

  • Oil & the Middle East Programme

    The Oil and the Middle East Programme of the Oxford Institute for Energy Studies was established in 2009. It is dedicated to the advanced study of contemporary oil markets, production, consumption and policy. With a historical focus on the resource-rich economies of the Middle East, research on the Programme has...

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  • Natural Gas Research Programme

    The Natural Gas Research Programme, launched in 2003, has become one of the foremost sources of independent academic research on natural gas. The programme focuses on natural gas within the disciplines of the Institute: economics, politics and sociology, international relations of gas-producing, consuming and transit countries, as well as the...

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  • Electricity Programme

    The OIES Electricity Research Programme was established in 2015. The Programme seeks to inform public and private sector decision-making by improving understanding of the electricity supply chain. The Programme studies the role of public policy, regulation, and markets to support the energy transition, along with implications for end-users, companies and...

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  • China Energy Programme

    OIES is proud to launch its China Energy Programme, a center of analytical excellence offering insights into the factors that inform China’s energy policies and choices and their pivotal role in global energy markets. China is the world’s second largest economy, biggest importer of crude oil, and the fastest growing...

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Latest Papers

LNG Spot Price Forecasting and the Futures Curve

LNG spot prices in Asia have defied expectations over the past few years. During 2016 and 2017, LNG markets were widely expected to enter a period of overcapacity, resulting in a long period of low LNG spot prices in Asia. Instead, Asian LNG spot prices increased quickly due to surging demand, particularly in China, and delays in bringing new LNG...

Latest Energy Insight

Gas Directive amendment: implications for Nord Stream 2

In February 2019, the EU reached a political agreement to amend the Gas Directive to extend its scope to apply to pipelines from third countries to the EU. The proposal is aimed primarily at Nord Stream 2 – a pipeline which would bring Russian gas to Germany and has been under construction across the Baltic Sea since August 2018. This...

Latest Energy Comments

Contracts for Difference and the Evolution of the Brent Complex

The sharp increase in US shale production since 2011 has resulted in structural shifts in regional and global oil trade flows. In turn, this is having a major impact on oil benchmarks inside and outside the US. Brent, the major benchmark for international oil trade, is likely to be impacted the most. While the volume of US crude delivered to...

Latest Oxford Energy Forum

Oxford Energy Forum – Economic Diversification in the MENA – Issue 118

This issue of the Oxford Energy Forum focuses on Economic Diversification in the Middle East and North Africa (MENA).  Diversification efforts in MENA (particularly GCC) countries obviously correlate with international oil prices. Economic logic favours specialization over diversification—individuals and enterprises should concentrate on what they can do best and where they have a comparative advantage. The increasing importance of global...

Latest Multimedia

Oxford Energy Podcast – Russia-Ukraine transit talks: the risks to gas in Europe

Trilateral talks between the EU, Russia and Ukraine on gas transit through Ukraine after the expiry of the current transit contract on 1st January 2020 are due to resume in late May. Gazprom’s transit diversification projects, Nord Stream 2 and Turkish Stream, will not be operating at full capacity by that time and arrangements must be made. But there is...

Latest Presentations

Demand Shocks, Supply Shocks and Oil Prices: Implications for OPEC

Nowadays, oil market observers often start their analysis by pointing to two sets of factors pushing the oil price in opposite directions. On the one hand, supply outages from Iran and Venezuela and the rising geopolitical risks in the Middle East as US-Iran tensions escalate are keeping an upward pressure on the oil price. On the other hand, the US-China...

Brainstorming XXX

In May 2019 we held holding our annual Brainstorming event.

Amongst other topics the issues discussed at the meeting covered:

• Storm Clouds Brewing for the Global Economy?
• Geo-Politics of Energy: Chaos theory tests oil’s resilience
• Oil Market Dynamics: Back to Square one?
• Crude oil pricing systems in flux
• Dynamics of Gas Markets
• Climate Change, Technology and the Electricity Sector

We brought together forty participants from energy companies, financial institutions, governments and international organisations for a wide-ranging discussion on topical energy issues.

OIES Electricity Day

In June 2019 we will be holding our third annual Electricity Day.

This year's theme is 'An Integrated Energy Systems Approach to Decarbonization Policy: Is it the Way Forward?' covered over three sessions:

I. What benefits, if any, can ‘integrated’ or ‘whole energy system’ thinking bring to our approach to particular energy issues, such as the decarbonization of difficult sectors such as heat?

II. What roles do different modes of storage and different technologies play in realising an integrated, whole system approach to decarbonization?

III. What are the key policy and commercial challenges of an integrated energy systems approach?

OIES Oil Day

In November 2019 we will be holding our annual Oil Day.

This year's theme is Oil Markets in Flux: Chinese demand jitters, US shale new phase, OPEC dilemmas, and IMO 2020?' covered over four sessions:

1. A Deep Dive into China’s Oil: Policy, Demand Prospects and Outlook for the Refining Sector

2. A Deep Dive into US shale 3.0: Supply Potential, Productivity, and Financial Viability

3. A Deep Dive into Iraq’s Oil: Infrastructure Constraints, Supply Prospects, and Dynamics within OPEC

4. How Disruptive IMO 2020 will be?