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
Ugandan leader Yoweri Museveni, 80, seeking reelection in 2026
Museveni said he is seeking reelection to grow the country to a “$500 billion economy in the next five years.”

• Uganda’s President Yoweri Museveni/ Reuters
KAMPALA, June 29 (Reuters) – Ugandan leader Yoweri Museveni has confirmed he intends to contest in next year’s presidential election, potentially extending his rule in the east African country to nearly half a century.
In a post on the X platform late on Saturday Museveni said he had “expressed my interest in running for… the position of presidential flag bearer,” for his ruling National Resistance Movement (NRM) party.
The 80-year-old has been ruler of Uganda since 1986 when he seized power after leading a five-year guerrilla war.
The ruling party has changed the constitution twice in the past to allow Museveni to extend his rule, and rights activists have accused him of using security forces and patronage to maintain his grip on power.
He denies the accusation.
Museveni said he is seeking reelection to grow the country to a “$500 billion economy in the next five years.”
Uganda’s GDP currently stands at about $66 billion, according to the finance ministry.
The country will hold its presidential election next January, when voters will also elect lawmakers.
Museveni’s closest opponent will be pop star-turned-politician Bobi Wine who came second in the last presidential election in 2021 and has already confirmed his intention to run in 2026.
Wine, whose real name is Robert Kyagulanyi, rejected the 2021 results, saying his victory had been stolen through ballot stuffing, intimidation by security forces and other irregularities.
International
South African Court Halts Burial of Former Zambian President Mid-Ceremony

In a dramatic turn of events, a South African court has intervened to halt the burial of a former Zambian president, president Edgar Lungu, temporarily suspending the proceedings mid-ceremony.
Lungu, who died on June 5 while seeking medical care in South Africa, was a rival of President Hakainde Hichilema, who wanted to lead a state funeral for his predecessor in Zambia.
Lungu’s family opposed the plans and blocked his body from being repatriated, saying he would not have wanted Hichilema at his funeral.
Zambia in turn filed a lawsuit seeking to stop the burial in South Africa.In a ruling delivered as Lungu’s widow and other mourners were already gathered in the church, a Gauteng region High Court judge said that, after an agreement between the parties, “respondents undertake not to proceed with the funeral or burial of the late president”.
The case will be heard on August 4, he said, in a decision that was carried by national broadcaster SABC — which also showed live images of people gathered for the service for Lungu, president from 2015 to 2021.
The adjournment “is extending the pain, the grief, that the family and the people are going through”, Zambian lawmaker Chanda Katotobwe, part of the delegation present at the memorial service, told SABC News.
The cause of the former president’s death at age 68 was not announced. He had been receiving specialised treatment in a clinic in Pretoria, his Patriotic Front party said.
International
Cargo ship carrying 3,000 vehicles, including 800 EVs, sinks in the Pacific Ocean
The shipping company said that the cargo ship had sunk on June 23.

A cargo ship that caught fire earlier this month in the Pacific Ocean has sunk, its manager has said.
MINT reports that The Morning Midas, which was left abandoned as it caught fire, was carrying about 3,000 vehicles, among which around 800 were electric vehicles.
Electric vehicles contain lithium-ion batteries, which are generally safe but can overheat and ignite if damaged.
The shipping company said that the cargo ship had sunk on June 23.
Zodiac Maritime in a statement further said that the damage caused by the fire was compounded by heavy weather, and subsequently water entered inside the vessel, causing it to sink.
Credit: MINT
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