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

1 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Your email address will not be published.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

JUST IN: Veteran American Actor, Harris Yulin, dies few days to birthday at 87

Published

on

4 Views

Veteran American actor Harris Yulin, widely known for his memorable roles in Ghostbusters II and Scarface, has passed away at the age of 87.

According to reports, Yulin died of cardiac arrest on Tuesday, June 10, 2025.

His manager, Sue Leibman, confirmed his death in a statement to The Post on Thursday.

Leibman described Yulin as part of a generation of actors deeply committed to their craft.

“Yulin was part of the vanguard of a generation that passionately cared about the craft of acting.

This lifelong dedication led to extraordinary, resonant performances that were a gift to actors he worked with, audiences, and the art of acting itself,” she stated.

Continue Reading

International

‘I walked out of rubble’: Survivor on how he escaped Air India wreckage

But Mr Ramesh, a businessman from Leicester who has a wife and four-year-old son, said the section he was sitting in landed near the ground and did not make contact with the building.

Published

on

By

1 Views

The British man who was the sole survivor of Thursday’s Air India plane crash said he managed to escape the wreckage through an opening in the fuselage.

“I managed to unbuckle myself, used my leg to push through that opening, and crawled out,” Vishwashkumar Ramesh told Indian state media DD News.

Mr Ramesh, 40, was in seat 11A on the London-bound Boeing 787 flight when it went down shortly after take off in Ahmedabad, western India on Thursday.

Air India said all other passengers and crew were killed – including 169 Indian nationals and 52 British nationals.

More than 200 bodies have been recovered so far, though it is unclear how many were passengers and how many were from the ground.

Speaking from his hospital bed, Mr Ramesh said the lights inside the aircraft “started flickering” moments after take off.

Within five to 10 seconds, it felt like the plane was “stuck in the air”, he said.

“The lights started flickering green and white…suddenly slammed into a building and exploded.

“The Boeing 787-8 Dreamliner crashed into a building used as accommodation for doctors at the Byramjee Jeejeebhoy Medical College and Civil Hospital.

But Mr Ramesh, a businessman from Leicester who has a wife and four-year-old son, said the section he was sitting in landed near the ground and did not make contact with the building.

“When the door broke and I saw there was some space, I tried to get out of there and I did.”No one could have got out from the opposite side, which was towards the wall, because it crashed there.”

(BBC)

Continue Reading

International

Iran attacks Israel, Launches Over 100 Drones In Retaliatory Strike

Published

on

8 Views

The Israeli military confirmed the airborne assault, alerting its citizens that an Iranian retaliation was actively underway. The Israeli military confirmed the airborne assault, alerting its citizens that an Iranian retaliation was actively underway.

Tensions between Iran and Israel have escalated sharply as Iran launched more than 100 drones toward Israeli territory late Thursday night in what it described as a retaliatory operation.

The Israeli military confirmed the airborne assault, alerting its citizens that an Iranian retaliation was actively underway.

“This is a different event to what we’ve experienced thus far, and we’re expecting difficult hours,” said IDF spokesperson Rear Admiral Daniel Hagari in a late-night briefing.

“All aerial defense arrays have been operating to intercept the threats.”

The attack follows a series of Israeli airstrikes earlier this week targeting Iranian military installations.

The Israeli Defense Forces (IDF) stated that the strikes, carried out under the codename Operation Rising Lion, were a “pre-emptive, precise, combined offensive based on high-quality intelligence.”

According to reports, dozens of Israeli airstrikes struck multiple locations across Iran, including high-level military targets.

One of the most significant casualties of the operation was Major General Mohammad Bagheri, Iran’s chief of staff for the armed forces, who was reportedly killed in the Israeli strikes.

Iranian authorities have not issued an official statement confirming Bagheri’s death or detailing the extent of the damage from the Israeli offensive, but state-affiliated media have vowed that a “decisive response” would follow.

Air raid sirens were heard across multiple regions in Israel, and emergency protocols were enacted nationwide as the military attempted to intercept the incoming drones.

Early reports suggest that Israel’s Iron Dome and other defense systems were actively engaged, though the full impact of the drone assault remains unclear at this time.

International leaders have urged both nations to de-escalate, warning that continued retaliation could spiral into a broader regional conflict.

Meanwhile, citizens in both countries have been urged to remain vigilant as military tensions appear far from resolved.

Continue Reading

Trending