How much oil will the world consume in 2011? What role will OPEC play in global oil production? Will biofuels become an important part of the oil market? The International Energy Agency's (IEA) MEDIUM-TERM Oil Market Report tackles these questions, adopting a perspective that goes beyond the traditional short-term market analysis provided in the IEA's monthly Oil Market ReportDrawing on current futures curves and the investment threshold for upstream projects, the MEDIUM-TERM Oil Market Report analyses how global demand and supply balances may develop in the next five years. The forecasts look in detail at product demand and the supply potential from all the firmly planned individual upstream and downstream projects around the world. The results provide invaluable insights on vital issues such as surplus production capacity and product supply.Policymakers, market analysts, energy experts and anyone interested in understanding and following trends in the oil market should find this report extremely useful. The MEDIUM -TERM Oil Market Report is a further element in the lEA's strong commitment to improving and expanding the quality, timeliness and accuracy of energy data and analysis.