International
Global Oil Market Report – May 2025 by IEA
Based on the latest plans, OPEC+ will add 310 kb/d of extra supply this year and 150 kb/d in 2026.Refinery throughput forecasts for 2025 and 2026 are broadly unchanged from last month’s Report at 83.2 mb/d and 83.6 mb/d, respectively.
Global oil demand growth is projected to slow from 990 kb/d in 1Q25 to 650 kb/d for the remainder of the year as economic headwinds and record EV sales curb use.
International energy agency, made the disclosure in its Oil Market Report – May 2025
The report reads: ” Demand growth averages 740 kb/d in 2025 and 760 kb/d in 2026, despite accelerating OECD declines of -120 kb/d and -240 kb/d, respectively.
World oil supply looks on track to rise by 1.6 mb/d to 104.6 mb/d on average in 2025, and by an additional 970 kb/d in 2026.
Non-OPEC+ producers are set to add 1.3 mb/d this year and 820 kb/d next year, even as US LTO supply has been reduced.
Based on the latest plans, OPEC+ will add 310 kb/d of extra supply this year and 150 kb/d in 2026.Refinery throughput forecasts for 2025 and 2026 are broadly unchanged from last month’s Report at 83.2 mb/d and 83.6 mb/d, respectively.
Annual gains of around 400 kb/d in both years are driven exclusively by non-OECD regions. Refining margins reached 12-month highs across most regions and configurations in late April, as a discernible shift in crude pricing boosted profitability.Global oil stocks rose by 25.1 mb in March, led by a 57.8 mb increase in crude, but at 7 671 mb remained well below the five-year average (-221 mb).
Total OECD inventories increased by 3.1 mb, while non-OECD stocks rose by 21.3 mb and oil on water was up slightly by 0.7 mb. Preliminary data show global oil inventories built further in April.
Benchmark crude oil prices fell by around $10/bbl over April and into May amid escalating US tariffs and larger-than-expected OPEC+ output hikes.
Bearish sentiment eased somewhat after the US reached a trade deal with the UK on 8 May, and a 90-day accord with China on 12 May. Russian crude prices averaged $55.64/bbl in April with all major export grades below the $60/bbl price cap.
At the time of writing, North Sea Dated was trading at around $66/bbl.
International
Trump kicks off his ‘Board of Peace,’ as war clouds loom on Iran
Trump, who has sharply curtailed foreign aid, said that the United States would contribute $10 billion to the initiative whose goals include rebuilding Gaza, which was reduced to rubble by two years of war between Hamas and Israel.
Image credit : AFP
President Donald Trump on Thursday promised $10 billion for a new “Board of Peace,” an amorphous new institution focused first on Gaza that is being launched just as he threatens Iran with war.
While US warplanes and aircraft carriers headed toward Iran on his orders, Trump welcomed some two dozen allies from around the world to the gleaming Washington building of the former US Institute of Peace, which has been gutted and renamed after the 79-year-old Republican.
Trump, who has sharply curtailed foreign aid, said that the United States would contribute $10 billion to the initiative whose goals include rebuilding Gaza, which was reduced to rubble by two years of war between Hamas and Israel.
“Together we can achieve the dream of bringing lasting harmony to a region tortured by centuries of war, suffering,” said the realtor-turned-president, who has previously spoken improbably of building tourist resorts in Gaza.
Trump did not explain exactly where the money would go and his “Board of Peace” has drawn wide criticism for its opaque nature.
Trump will wield veto power over the “Board of Peace” and can remain its head even after leaving office, while countries that want to stay on permanently rather than enjoy a two-year stint will need to pay $1 billion.
In a rambling speech in which he denounced domestic opponents, highlighted stock market gains and hailed his prowess in endorsing foreign leaders during elections, Trump said he wanted to pursue more peace deals.
Crime
BREAKING: Bellarmine Chatunga Mugabe Arrested in Johannesburg After Alleged Shooting at Home
Bellarmine Chatunga Mugabe, the youngest son of the late former Zimbabwean President Robert Mugabe, has been arrested following a shooting incident at his residence in the upscale Hyde Park suburb.
According to reports from South African media outlets including eNCA and IOL, as well as Gauteng police investigations, an employee—described variably as a security guard or gardener—was shot during an apparent dispute at the property.
The victim is in critical condition and receiving medical treatment.Police responded to the scene, where Mugabe was reportedly taken into custody in connection with the shooting.
Some unconfirmed social media accounts and early reports mentioned police negotiators attending amid claims the suspect had barricaded himself, but he was subsequently arrested.
This marks the latest in a series of legal troubles for Bellarmine Chatunga Mugabe, who has previously faced charges related to assault in Zimbabwe, including incidents involving security personnel and law enforcement.
The investigation by the South African Police Service (SAPS) is ongoing, with more details expected as the case develops. Authorities have not yet released an official statement on charges or motives.
The incident has drawn significant attention online and in regional media, given the family’s prominent political legacy.
International
Five Critically Injured in Catastrophic Explosion at Upstate New York Church
A powerful explosion devastated the Abundant Life Fellowship Church in this rural community on Tuesday morning, February 17, 2026, leaving five people—including the church’s pastor and four firefighters—critically injured, authorities said.
The blast occurred around 10:25–10:30 a.m. at the church located on State Route 12 in the Town of Boonville, Oneida County, approximately 50 miles northeast of Syracuse. Emergency responders were initially dispatched after reports of a strong gas odor inside the building.
According to New York State Police, a preliminary investigation indicates that four individuals were in the church basement when the furnace activated, triggering the explosion.
A fifth person a firefighter was on the first floor attempting to ventilate the structure and was thrown against a wall by the force of the blast.
The injured have been identified as:
– Brandon Pitts, 43, pastor of Abundant Life Fellowship Church
– David Pritchard Jr., 60, Boonville Fire Chief
– Allan Austin, 67, Boonville Fire Department firefighter
– Nicholas Amicucci, 43, Boonville Fire Department firefighter
– Richard Czajka, 71, Boonville Fire Department firefighter
All five victims were transported to regional hospitals, including Upstate University Hospital and Wynn Hospital, where they remain in critical but stable condition.
The explosion caused catastrophic damage to the church building, which officials now consider “destroyed.”
Thick black smoke billowed from the site following the blast.
State police emphasized that there is no indication of criminal activity at this time, and the incident appears to stem from a propane or gas-related issue in the heating system.
The investigation is ongoing.Community members and first responder agencies have expressed support for the injured and their families as recovery efforts continue.
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