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
Burnham becomes PM, vows 10-year plan to stabilise UK
The 56-year-old is the sixth prime minister to enter Downing Street in the last 10 years.
•Incoming Prime Minister Andy Burnham poses with Britain’s King Charles III on July 20, 2026 (Photo by Aaron Chown / POOL / AFP).
Andy Burnham became British prime minister Monday after meeting King Charles III at Buckingham Palace and was set to set out his vision for the country after taking over from Keir Starmer.
In his first speech, Burnham vowed to put forward a 10-year plan for Britain, saying the country needed to make politics work.
“Britain needs to show the world that we can regain our stability once again,” Burnham said just after being appointed by King Charles III to take over from Keir Starmer.
He pledged to “issue my first instruction to end rough sleeping in our country” once he starts work.
Starmer departed Downing Street on Monday morning, insisting in a farewell speech his two years in office had made Britain a better place.
The monarch met Starmer to accept his resignation and Burnham arrived next for the formal procedure in which the king asked him to form the next government and he accepted.
The 56-year-old is the sixth prime minister to enter Downing Street in the last 10 years.
International
US Vice President Vance announces birth of baby boy
The birth marks the latest addition to the Vance family. Vance and Usha got married in 2014 and previously had three children before welcoming their new son.
United States Vice President JD Vance has announced the birth of his son, saying both the newborn and his wife, Usha Vance, are healthy.
The birth marks the latest addition to the Vance family. Vance and Usha got married in 2014 and previously had three children before welcoming their new son.
Vance made the announcement in a statement shared on Sunday, expressing gratitude to the medical personnel who assisted during the delivery.
Vance also paid tribute to the medical teams at Walter Reed Medical Centre and the White House Medical Unit for their care and support.
“We are excited to announce that our baby boy, Alec Neel Vance, was born this morning.
“Usha and the baby are happy and healthy, and our kids are overjoyed to meet their little brother,“ he said.
International
Andy Burnham set to become Labour leader before taking over as UK PM
Burnham, who has since become known as the “king of the North,” returned to Westminster in June after securing a huge majority in the Makerfield by-election, comfortably beating out challengers from Nigel Farage’s Reform UK party and Rupert Lowe’s hard-right Restore Britain.
• Andy Burnham / Euro News
Andy Burnham is set to be announced as the Labour Party’s new leader on Friday.
Euro News reports that the Makerfield MP is scheduled to be unveiled at a special press conference before taking over as the UK’s seventh prime minister in a decade on Monday.
Burnham is expected to deliver a speech during the conference where he will reportedly pledge to be “unashamedly Labour” and vow that his government will have the “courage to fix the big things that politics has neglected.”
Burnham was left with a clear path to Downing Street after his last potential leadership rival ruled out challenging last week.
He received 379 nominations from Labour MPs for the party leadership out of a possible 403.
His uncontested run has sparked concern from some analysts and government insiders, however, and opposition leader Kemi Badenoch has accused Labour of “running scared” of scrutiny.
It comes after Keir Starmer announced he was stepping down as PM last month, as pressure continued to build in the wake of Labour’s disastrous local election results in May.
Who is Andy Burnham?
Born on Merseyside in the northwest of England and raised in the village of Culcheth in Cheshire, Burnham has said he was first inspired to enter politics after watching “Boys From The Blackstuff,” an acclaimed 1982 TV show about five unemployed men in Liverpool navigating life in Margaret Thatcher’s Britain.
He went on to study English at the University of Cambridge before starting out in journalism, working for a number of trade publications.
He soon made the jump into politics, taking a job as a researcher for the late Tessa Jowell, a former MP for Dulwich, while in his early 20s.
He eventually became MP for Leigh in 2001, a position he held until 2017, and served in a number of senior ministerial positions, including as secretary of state for health and chief secretary to the Treasury. He unsuccessfully ran for the Labour leadership in 2010 and 2015, losing to Ed Miliband and Jeremy Corbyn, respectively.
In 2017, he took over as mayor of Greater Manchester, overseeing a period of huge growth and development and gaining a reputation for his loyal defence of the region during the Covid-19 pandemic lockdown.
Burnham, who has since become known as the “king of the North,” returned to Westminster in June after securing a huge majority in the Makerfield by-election, comfortably beating out challengers from Nigel Farage’s Reform UK party and Rupert Lowe’s hard-right Restore Britain.
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