Connect with us

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.

Published

on

488 Views

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.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

International

South Africa kicks out Israel’s ambassador Ariel Seidman

The South African foreign ministry accused Ariel Seidman of “unacceptable violations of diplomatic norms and practice which pose a direct challenge to South Africa’s sovereignty.”

Published

on

By

28 Views

•Cyril Ramaphosa, South African President

The South African government on Friday declared Mr Ariel Seidman, the chargé d’affaires of the Israeli Embassy, unwelcome and ordered him out of the country within 72 hours, for what it called repeated violations of diplomatic norms, including insulting President Cyril Ramaphosa.

The South African foreign ministry accused Ariel Seidman of “unacceptable violations of diplomatic norms and practice which pose a direct challenge to South Africa’s sovereignty”.

“These violations include the repeated use of official Israeli social media platforms to launch insulting attacks” on Ramaphosa, as well as a “deliberate failure” to notify the South African authorities about visits by senior Israeli officials.

Diplomatic relations between South Africa and Israel have been strained since South Africa brought a genocide case over Israel’s actions in Gaza at the International Court of Justice. Israel has rejected the case as baseless.

South African lawmakers in 2023 voted in favour of closing down the Israeli embassy in Pretoria and suspending all diplomatic relations over the war in Gaza, but that decision was never implemented.

Continue Reading

International

Burkina Faso military government dissolves political parties

Burkina Faso’s Interior Minister Emile Zerbo said the decision was part of a broader effort to “rebuild the state” after what he said were widespread abuses and dysfunction in the country’s multiparty system.

Published

on

By

25 Views

•Photo: Heads of state of Mali’s Assimi Goita, Burkina Faso’s Captain Ibrahim Traore and Niger’s General Abdourahamane Tiani walk together during the first ordinary summit of heads of state and governments of the Alliance of Sahel States (AES) in Niamey, Niger July 6, 2024. REUTERS/Mahamadou Hamidou.

Burkina Faso’s military-led government has dissolved all political parties and scrapped the legal framework governing their operations.

The decree was approved by the government ‘s council of ministers on Thursday.

The decision by the military rulers who seized power in September 2022 is the latest move to tighten control following the suspension of political activities after the coup.

Burkina Faso’s Interior Minister Emile Zerbo said the decision was part of a broader effort to “rebuild the state” after what he said were widespread abuses and dysfunction in the country’s multiparty system.

He said a government review found that the multiplication of political parties had fuelled divisions and weakened social cohesion.

Before the coup, the country had over 100 registered political parties, with 15 represented in parliament after the 2020 general election.

Continue Reading

International

Colombian plane crash kills lawmaker, 14 others

The Cúcuta region is known for its rugged terrain, unpredictable weather conditions and areas controlled by Colombia’s largest guerrilla group, the National Liberation Army.

Published

on

By

33 Views

A twin-propeller aircraft carrying 15 people, including a Colombian lawmaker, Diogenes Quintero, crashed in a mountainous region near the Venezuelan border on January 28.

AFP reported that the aircraft departed from the border city of Cúcuta and lost contact with air traffic control shortly before it was scheduled to land in the nearby town of Ocaña at about 5:00 p.m. GMT.

“There are no survivors,” an official of the aviation authority told AFP. The plane was carrying 13 passengers and two crew members.

The Cúcuta region is known for its rugged terrain, unpredictable weather conditions and areas controlled by Colombia’s largest guerrilla group, the National Liberation Army.

In a separate report, NDTV disclosed that the government deployed the Colombian Air Force to locate the aircraft and recover the bodies.

Local parliamentarian Wilmer Carrillo expressed concern over the incident, saying, “We have received with concern the information about the air accident in which my colleague, Diogenes Quintero, Carlos Salcedo and their teams were travelling.”

Quintero is a member of Colombia’s Chamber of Deputies, while Salcedo is a candidate in the upcoming elections. The crash adds to a history of fatal aviation accidents involving prominent figures in Colombia.

In January 2025, a private plane crashed in central-eastern Colombia, killing all six people on board, including singer Yeison Jiménez.

Continue Reading

Trending