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

  • Evolution of the Middle East oil scene: Transformations in refining and oil flows

    This new OIES presentation reviews the major changes in the Gulf refining scene that coincided with the Russia-Ukraine war, which has already resulted in massive shift in crude and products trade flows, reinforcing and intensifying some of these shifts. First, we take a closer look on the key transformations in the Middle East refining scene […]

    By: Bassam Fattouh Andreas Economou

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  • OIES Oil Monthly – Issue 34

    The new issue of OIES Oil Monthly, including our latest short-term oil market outlook to 2025, is now available. – We have reduced our Brent forecast $1/b to $84.5/b in 2024 and $2/b to $79/b in 2025, from $85.4/b and $81.0/b forecast last month. We have revised lower our Q2 price forecast by $2.4/b to […]

    By: OIES

  • Energy Quantamentals: Oil and the Macroeconomic Feedback Loops

    This new Energy Comment from our Energy Quantamentals series sheds some light on the complex relationship between oil and key macro-economic factors, including inflation, interest rate and the U.S. dollar. This is particularly important in the current environment when market participants are trying to position themselves either for interest rate cuts or, alternatively, for interest […]

    By: Ilia Bouchouev

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