Executives from around the world discuss latest energy market developments at IEA Energy Business Council meeting

Some 60 senior executives from leading companies share views on key trends for oil, gas, critical minerals, renewables, power systems and more

The International Energy Agency today convened a meeting of some 60 business leaders from companies around the world to discuss some of the most pressing global energy topics, including oil and gas market dynamics, critical mineral supply chains, renewables, the rapid growth in electricity demand, and more.

The Energy Business Council (EBC) is the IEA's main platform for its dialogue with the private sector. It meets regularly to facilitate the exchange of data, insights and expertise, supporting the Agency's wider analysis and recommendations for advancing secure, reliable, affordable and sustainable energy systems.

"To find solutions to today's major energy challenges, frank and open dialogue between government and the private sector is absolutely crucial," said IEA Executive Director Fatih Birol, who opened and chaired the meeting. "The IEA Energy Business Council is an important channel for this and provides vital insights from industry that inform our work."

His remarks were followed by three main sessions. The first examined the situation in global energy markets, with IEA experts outlining recent developments across oil, gas, renewables and critical minerals, drawing on the Agency's latest analysis.

On oil and gas, participants discussed the outlook for oil markets and the coming wave of new liquefied natural gas (LNG) production capacity. The conversation on renewables covered topics such as policy trends, the potential for next-generation geothermal and the role of public procurement. On critical minerals, participants debated supply chain security risks, the policy and market mechanisms needed to stimulate investment, opportunities to improve transparency and recycling, and what artificial intelligence could mean for the sector.

The second session focused on oil and gas field decline rates and the implications for global energy balances and investment needs. It began with a presentation of the IEA's recent report on this subject, which found that the average rate at which oil and gas fields' output falls over time has significantly accelerated globally. This was followed by a conversation on what natural decline rates in production could mean for the geography of future supplies, energy security, and more. Participants spoke about how industry and policy makers could better work together to understand this trend and adapt their policies and business strategies accordingly.

The final session focused on the future of electricity in the Middle East and North Africa, the subject of another recent IEA report. After IEA experts presented the analysis - noting that power demand in the region is poised to rise sharply over the next decade - participants discussed what they are observing in Middle Eastern and North African countries, their assessment of the key risks ahead, and enabling factors that would unlock further investment in power systems and energy efficiency.