Oil Research Programme

The Oil Research Programme, established in 2009, has cemented its reputation as a leading source of academic research on oil market issues. The Programme’s research group continues to produce high-quality empirical oil market research of international significance based on its core understanding of oil market dynamics and price cycles, the behaviour of oil market participants and strong background on the policy and economics of the resource-rich economies.

The programme’s research activities centre around its three main thematic branches:

Global Oil Market Dynamics

  • Short-term oil market outlook (2-years ahead)
  • Regional and sectoral analysis of global oil demand
  • OPEC+ output policy, behaviour and production paths
  • Non-OPEC supply w/ focus in North American liquids
  • Geopolitics
  • Trade flows and cracks
  • Global balance and stocks

Oil Price Outlook and Balance of Risks

  • Oil price outlook and risks
  • Forecast scenarios analysis
  • Oil Market Sentiment Index
  • Price drivers and market sentiment decomposition

Long-Term Global Oil Market Research

  • Energy transition and oil exporter’s strategies
  • Long-term oil demand and oil products analysis
  • Long-run oil prices
  • Future of oil price benchmarks

Oil research is disseminated via technical research papers, short energy comments, contributions to academic journals and specialised publications, and topical presentations, as well as podcasts and webinars, and has a global reach and visibility on media outlets and social media platforms.


Since January 2021, the Oil Programme launched a dedicated OIES Oil Monthly report series that offers a timely and comprehensive understating of key oil market issues, and a forward-looking perspective of key oil trends and future challenges, based on high-quality empirical research. The Oil Monthly report features our short-term oil market forecasts up to two years ahead for oil supply and demand by region/country and key product category, as well as for oil price dynamics and risks, and in-depth analysis of key trends affecting the global oil markets, refining activity and trade flows. The Oil Monthly series is accompanied by a  dedicated database with projections of some 50+ data series including the underlying price forecast scenarios of the report, updated on a monthly basis.

Contact Us
We are interested in hearing from students and researchers working on oil and the Middle East academically worldwide. For information about the programme and questions, please email; Andreas Economou

Latest Publications from the Oil Research Programme

  • OIES Oil Monthly – Issue 31

    The new issue of OIES Oil Monthly, introducing our first oil market outlook for 2025, is now available. – Our Brent price forecast stands at $82.1/b in 2024, from $82.6/b in 2023, falling to $79.1/b in 2025. We continue to forecast a balanced market this year prompting us to maintain our Brent price forecast unchanged […]

    By: OIES

  • OIES Podcast – Key Energy Themes for 2024

    In this latest OIES podcast James Henderson talks to Bill Farren-Price, the new Head of the Gas Programme, about some of Key Themes identified by OIES research fellows for 2024. After a review of the outcomes from 2023, we look at the oil and gas markets and discuss a common theme around the contrast between […]

    By: OIES

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  • Energy Quantamentals: Who is Who in Financial Barrels?

    For many years, the primary focus of oil market analysis has been on estimating the production and consumption of oil and forecasting their short-term evolution, as even subtle imbalances between supply and demand were widely perceived to determine the direction of oil prices. The focus, however, started to widen over the course of the last […]

    By: Ilia Bouchouev

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