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.

For the past 10 years, the IEA’s World Energy Investment report has been the definitive guide to where money is going in the global energy sector. It breaks down the latest data for all the key fuels, technologies and industries.

In a context of heightened geopolitical and economic uncertainty, global energy investment is set to reach a record $3.3 trillion in 2025. In this episode, we’re joined by Cecilia Tam, Head of the IEA’s Energy Investment Unit. She unpacks the report’s key themes – from how energy security concerns are driving investment decisions, to China’s position as the single biggest investor in energy, and why so much money is going into electricity.

The automotive industry has faced major challenges in recent years, from pandemic-driven supply chain shocks to inflation and geopolitical uncertainty. But amid the turmoil, global sales of electric vehicles have continued to break records.

In 2024, more than one in five cars sold globally were electric, and this year it's expected to be one in four. In some parts of the world, EVs are now cheaper than conventional cars. But what's driving these trends? Who's making these cars? How are we charging them? And how is their uptake reshaping the world’s energy system?

In this episode, we speak with IEA Energy Technology and Transport Analyst Elizabeth Connelly to answer these questions and unpack the 2025 edition of the IEA's annual Global EV Outlook, out now.