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
Nestle Sacks Global CEO Over Office Romance
In a statement, Nestle said Freixe’s departure on Monday, September 1, 2025, follows an investigation overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla into an undisclosed romantic relationship with a direct subordinate, which breached the company’s code of business conduct.

•Laurent Freixe
Nestlé has sacked its global Chief Executive Officer (CEO), Laurent Freixe, for an office romantic relationship with a subordinate, which breached the company’s code of business conduct.
Nestle said that it had appointed veteran insider Philipp Navratil, who had headed the Nespresso coffee unit, as Freixe’s successor with immediate effect.
In a statement, Nestle said Freixe’s departure on Monday, September 1, 2025, follows an investigation overseen by Chairman Paul Bulcke and Lead Independent Director Pablo Isla into an undisclosed romantic relationship with a direct subordinate, which breached the company’s code of business conduct.
“This was a necessary decision. Nestle’s values and governance are strong foundations of our company. I thank Laurent for his years of service,” Bulcke said in a statement.
According to Reuters , the shock departure threatens more volatility for Nestle amid a tough consumer environment and the disruptive United States trade tariffs.
Crime
BREAKING: Finnish court sentences Simon Ekpa to six years in prison for terrorism

The Päijät-Häme district court in Finland has sentenced Simon Ekpa, pro-Biafra agitator, to six years in prison for terrorism offences.
In a ruling delivered on Monday, the court found Ekpa guilty of inciting terrorism and participating in the activities of a terrorist group.
According to a Finnish newspaper, the court said Ekpa had used his “significant social media following” to stoke tensions in Nigeria’s south-east region between August 2021 and November 2024.
In a unanimous ruling, the three-member panel of judges also stated that Ekpa was an influential member of a militant separatist movement whose goal was to actualise the carving out of a Biafra state from Nigeria.
The district court also noted that Ekpa had supplied certain groups with weapons, explosives, and ammunition “through his network of contacts in the region, and he was also found to have encouraged his followers on social media platform X to commit crimes in Nigeria”.
The court also convicted Ekpa of aggravated tax fraud and violating the provisions of the Attorneys Act.
International
US to close embassy in Nigeria Monday

The US Embassy in Abuja and the Consulate General in Lagos will be closed on Monday, September 1, 2025, in observance of the US Labour Day holiday.
The US Mission announced this in a statement on its X account on Sunday morning.
“The U.S. Embassy in Abuja and Consulate General in Lagos will be closed on Monday, September 1, 2025, in observance of the U.S. Labour Day,” the Mission said.
It noted that the closure was a tribute to the contributions of American workers, a tradition dating back to 1882 when Matthew Maguire first proposed the holiday.
While essential services will remain accessible through emergency contact channels, routine consular services will resume after the holiday.
Nigerians seeking US visas or consular assistance are advised to plan their visits accordingly.
US Labour Day is a federal holiday observed on the first Monday of September every year.
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