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JUST IN: Keir Starmer’s Labour Wins UK General Election

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Keir Starmer on Friday will become Britain’s new prime minister, as his centre-left opposition Labour party swept to a landslide general election victory, ending 14 years of right-wing Conservative rule.“The Labour Party has won this general election, and I have called Sir Keir Starmer to congratulate him on his victory,” a sombre-looking Rishi Sunak said after he was re-elected to his seat.“Today, power will change hands in a peaceful and orderly manner with goodwill on all sides,” the Tory leader added, calling the results “sobering” and saying he took responsibility for the defeat.At a triumphant party rally in central London, Starmer, 61, told cheering activists that “change begins here” and promised a “decade of national renewal”, putting “country first, party second”.

But he cautioned that change would not come overnight, even as Labour snatched a swathe of Tory seats around the country, including from nine Cabinet members, and former prime minister Liz Truss.Truss’s disastrous 49-day tenure effectively sealed the Tories’ fate with the public two years ago, when her unfunded tax cuts spooked markets and crashed the pound.She had been facing a campaign to oust her by grassroots activists — dubbed “the Turnip Taliban” — in her rural constituency and lost by just 630 votes.

‘Keir we go’Labour raced past the 326 seats needed to secure an overall majority in the 650-seat parliament at 0400 GMT, with the final result expected later on Friday morning.An exit poll for UK broadcasters published after polls closed at 2100 GMT on Thursday put Labour on course for a return to power for the first time since 2010, with 410 seats and a 170-seat majority.The Tories would only get 131 seats in the House of Commons — a record low — with the right-wing vote apparently spliced by Nigel Farage’s anti-immigration Reform UK party.In another boost for the centrists, the smaller opposition Liberal Democrats ousted the Scottish National Party as the third-biggest party.

The results buck a rightward trend among Britain’s closest Western allies, with the far right in France eyeing power and Donald Trump looking set for a return in the United States.British newspapers all focused on Labour’s impending return to power for the first time since Gordon Brown was ousted by David Cameron in 2010.“Keir We Go,” headlined the Labour-supporting Daily Mirror.“Britain sees red,” said The Sun, the influential Rupert Murdoch tabloid, which swung behind Labour for the first time since 2005.

Tory futureSunak will tender his resignation to head of state King Charles III, with the monarch then asking Starmer, as the leader of the largest party in parliament, to form a government.The Tories’ worst previous election result was 156 seats in 1906. Former leader William Hague told Times Radio the projections would be “a catastrophic result in historic terms”.But Tim Bale, politics professor at Queen Mary, University of London, said it was “not as catastrophic as some were predicting” and the Tories would now need to decide how best to fight back.Right-wing former interior minister Suella Braverman and Mordaunt, who was leader of the House of Commons, both said the Tories failed because they had not listened to the British people.

But Brexit champion Farage, who finally succeeded in becoming an MP at the eighth time of asking, has made no secret of his aim to take over the party.“There is a massive gap on the centre-right of British politics and my job is to fill it,” he said after a comfortable win in Clacton, eastern England. To-do listLabour’s resurgence is a stunning turnaround from five years ago, when hard-left former leader Jeremy Corbyn took the party to its worst defeat since 1935 in an election dominated by Brexit.Starmer took over in early 2020 and set about moving the party back to the centre, making it a more electable proposition and purging infighting and anti-Semitism that lost its support.

Opinion polls have put Labour consistently 20 points ahead of the Tories since Truss’s resignation, giving an air of inevitability about a Labour win — the first since Tony Blair in 2005.Starmer is facing a daunting to-do list, with economic growth anaemic, public services overstretched and underfunded due to swingeing cuts, and households squeezed financially.He has also promised a return of political integrity, after a chaotic period of five Tory prime ministers in 14 years, scandal and sleaze.

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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.

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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.

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Former Mauritanian president jailed for 15 years following appeal

Abdel Aziz, who has denied corruption allegations, was found guilty of economic crimes and abuse of power.

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Mauritania’s former president, Mohamed Ould Abdel Aziz, was on Wednesday sentenced to 15 years in prison on corruption charges following an appeal to a Nouakchott court by both the state and Aziz’s defence against a sentence imposed in 2023.

Reuters reported that Abdel Aziz led the West African country for a decade after coming to power in a 2008 coup, followed by an election a year later.

He was an ally of Western powers fighting Islamist militants in the Sahel region.

Abdel Aziz, who has denied corruption allegations, was found guilty of economic crimes and abuse of power.

He was initially handed a five-year prison sentence in December 2023 before the state appealed against the leniency of that punishment and Aziz’s team appealed the ruling, saying only a high court of justice was qualified to try a former president.

“It is a decision that reflects the pressure the executive branch exerts on the judiciary,” defence lawyer Mohameden Ichidou told Reuters, adding that the defence would appeal against the decision to the Supreme Court.

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Nissan plans 20,000 jobs cut after $4.5bn annual net loss

The uncertain nature of US tariff measures makes it difficult for us to rationally estimate our full-year forecast for operating profit and net profit, and therefore we have left those figures unspecified,” CEO Ivan Espinosa told reporters..

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Japan’s Nissan posted a huge annual net loss of $4.5 billion on Tuesday while confirming reports that it plans to cut 15 percent of its global workforce and warning about the possible impact of US tariffs.

AFP reported that the carmaker, whose mooted merger with Honda collapsed earlier this year, is heavily indebted and engaged in an expensive business restructuring plan.

Nissan reported a net loss of 671 billion yen for 2024-25 but did not issue a net profit forecast for the financial year that began in April. It did say, however, that it expects sales of 12.5 trillion yen in 2025-26.

The uncertain nature of US tariff measures makes it difficult for us to rationally estimate our full-year forecast for operating profit and net profit, and therefore we have left those figures unspecified,” CEO Ivan Espinosa told reporters.

“Nissan must prioritise self-improvement with greater urgency and speed.”

The company’s worst ever full-year net loss was 684 billion yen in 1999-2000, during a financial crisis that birthed its rocky partnership with French automaker Renault.

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