
IEA raises oil demand growth forecast
In its May report published today, May 15, the agency increased its forecast for oil demand growth in 2025 by 20,000 barrels per day (bpd), bringing the total to 740,000 bpd. Similarly, the 2026 forecast has been raised to 760,000 bpd, up from the previously estimated 690,000 bpd.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Al Arabiya
2 days ago
- Al Arabiya
Tanker with Russian oil gets diverted to Indian port, sources say
An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday. Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara, 49%-owned by oil producer Rosneft, was among companies targeted in a fresh package of sanctions imposed by the European Union on Russia. The Omni tanker, carrying about 700,000 barrels of Urals, arrived at Vadinar port on July 18 and is now anchored off Mundra port, according to data from LSEG and Kpler and the sources on Thursday. Its destination was changed from Vadinar to Mundra on Wednesday, the data showed. It was not immediately clear why the cargo was not unloaded at Vadinar. The cargo has now been bought by a refinery operated by HPCL-Mittal Energy Ltd (HMEL), a joint venture between Hindustan Petroleum Corp and Mittal Energy Investments, the sources said. HMEL operates a 226,000 barrel-per-day refinery in northern Punjab state. HMEL and Nayara did not immediately respond to requests for comment. Nayara operates a 400,000-bpd refinery in western India.


Arab News
2 days ago
- Arab News
South Sudan faces legal battle in London amid oil debt crisis, political turmoil
LONDON: Trading house BB Energy has filed a case against South Sudan in London for failing to deliver oil owed under a pre-payment deal, according to court filings and a company spokesperson. One of the poorest countries in the world, South Sudan has endured two civil wars in the past 15 years and is grappling with increased debt and a shaky peace deal. In March, the government placed its petroleum minister, as well as other officials, under house arrest. BB Energy DMCC filed the case last month, court records showed. A company spokesperson told Reuters the action was necessary to preserve BB Energy's rights under a contract with the Ministry of Petroleum. "As yet, they have defaulted on delivery," the spokesperson said. "We are currently in the process of serving formal proceedings; however we are always looking to find an amicable solution, especially considering our long-term interests in the country." Officials in South Sudan did not immediately respond to a request for comment on the case. Oil trader Vitol also filed a case against South Sudan in London in May, but said it had since resolved the issue. Sources told Reuters that case related to a single cancelled oil cargo. In May, a London court ordered South Sudan to pay Afreximbank $657 million over defaulted loans. The IMF pegged South Sudan's total public debt at $3.7 billion as of 2023, with $550 million of the total owed to oil companies. At its peak before the civil war, South Sudan's crude oil production stood at 350,000 to 400,000 barrels per day, but that tumbled to just 72,000 bpd last year, according to OPEC data, after a damaged oil pipeline halted exports. The pipeline resumed operations in June, and the country pumped 138,000 bpd that month.


Arab News
3 days ago
- Arab News
Saudi non-oil exports climb 6% to $8.29bn: GASTAT
RIYADH: Saudi Arabia's non-oil exports, including re-exports, reached SR31.11 billion ($8.29 billion) in May, marking a 6 percent increase compared to the same month in 2024, official data showed. Preliminary figures released by the General Authority for Statistics showed that the UAE remained the top destination for the Kingdom's non-oil products, with exports to the Emirates amounting to SR9.54 billion in May. India was the second-largest non-oil trade partner, importing goods worth SR2.78 billion, followed by China at SR2.03 billion, Bahrain at SR989.1 million, and Turkiye at SR924.7 million. The rise in non-oil exports supports the goals of Vision 2030, which aims to diversify Saudi Arabia's economy and reduce its reliance on oil revenues. In its latest report, GASTAT stated: 'Non-oil exports in May, including re-exports, recorded an increase of 6 percent compared to May 2024, while national non-oil exports, excluding re-exports, decreased by 1.8 percent.' It added: 'Moreover, the value of re-exported goods increased by 20.5 percent during the same period.' In a separate release in May, GASTAT noted that the Kingdom's gross domestic product grew by 2.7 percent year on year in the first quarter, driven by robust non-oil activity. Commenting on the GDP figures at the time, Minister of Economy and Planning Faisal Al-Ibrahim — who also chairs GASTAT's board — highlighted that the contribution of non-oil activities to the Kingdom's economic output reached 53.2 percent, a 5.7 percent increase over previous estimates. He added that the country's economic outlook remains strong, buoyed by structural reforms and high-quality, state-led projects across various sectors. Other major destinations for Saudi Arabia's non-oil shipments in May included Egypt, which received goods worth SR585.1 million, followed by Belgium at SR756.6 million, and Kuwait at SR736.9 million. Exports to the US stood at SR730.3 million, while shipments to Singapore and Jordan totaled SR689.3 million and SR642.8 million, respectively. Departure locations Among seaports, the King Fahad Industrial Port in Jubail handled the highest volume of outbound non-oil goods, valued at SR3.52 billion, followed closely by the Jeddah Islamic Sea Port at SR3.35 billion. Ras Al Khair and Jubail Sea Ports facilitated non-oil exports worth SR2.37 billion and SR2.36 billion, respectively. On land, the Al-Batha Port processed non-oil exports worth SR2.18 billion. Al-Hadithah and Al-Wadiah ports recorded outbound shipments of SR864.4 million and SR460.2 million, respectively. King Abdulaziz International Airport led all air terminals, handling SR4.22 billion in non-oil exports in May — a 258 percent increase compared to the same month last year. Machinery and chemicals lead the way 'Among the most important non-oil exports are machinery, electrical equipment and parts, which constituted 23.7 percent of the total non-oil exports, recording a 99.8 percent increase compared to May 2024,' GASTAT noted. Chemical products came in second, accounting for 22.8 percent of total non-oil exports and growing 0.4 percent year on year. The strength of Saudi Arabia's non-oil private sector was further affirmed by Riyad Bank's Purchasing Managers' Index, compiled by S&P Global, which showed that the Kingdom's headline PMI rose to 57.2 in June, up from 55.8 in May. This reading indicates a strong improvement in business conditions, exceeding the long-run average of 56.9. A PMI score above 50 signals expansion, while a figure below that mark indicates contraction. Saudi Arabia's June PMI also outpaced that of its regional peers, with the UAE and Kuwait recording 53.5 and 53.1, respectively. Merchandise exports According to GASTAT, the Kingdom's total merchandise exports in May declined 14 percent year on year to SR90.44 billion. The drop was primarily due to a 21.8 percent fall in oil exports, which caused the share of oil in total exports to drop from 72.1 percent in May 2024 to 65.6 percent this year. China was the top destination for Saudi Arabia's overall merchandise exports, with shipments valued at SR12.66 billion. The UAE followed at SR10.13 billion — a 37.5 percent jump compared to the previous year — while exports to India reached SR8.07 billion. South Korea, Japan, and the US imported SR7.44 billion, SR5.99 billion, and SR3.68 billion worth of goods, respectively. Imports climb Saudi Arabia's imports in May reached SR80.93 billion, up 7.8 percent year on year, GASTAT reported. Machinery, mechanical and electrical equipment topped the import list at SR24.03 billion, followed by transport equipment at SR9.20 billion and chemical products at SR7.64 billion. Base metal imports stood at SR7 billion, while mineral products totaled SR4.84 billion. By region, Asia remained the Kingdom's largest trade partner, contributing SR47.59 billion in imports — a 17.8 percent rise from a year ago. Imports from Europe and the Americas amounted to SR19.85 billion and SR8.83 billion, respectively. Africa supplied SR3.78 billion worth of goods, while imports from Oceania totaled SR778.8 million. China led all countries as the top source of imports, with SR23.36 billion worth of shipments in May, a 23.3 percent year-on-year increase. The US followed with SR6.04 billion, ahead of the UAE at SR5.07 billion, India at SR3.69 billion, and Japan at SR3.61 billion. Sea routes were the dominant entry channel for imports, accounting for SR47.39 billion — a 7.1 percent increase year on year. Air and land routes handled SR24.33 billion and SR9.20 billion worth of inbound goods, respectively. King Abdulaziz Sea Port in Dammam led all seaports with SR21.37 billion in imports, followed by Jeddah Islamic Sea Port at SR17.49 billion and Ras Tanura Port at SR1.50 billion. Among land entry points, Al-Batha Port managed SR3.92 billion worth of goods, while Riyadh Dry Port and King Fahad Bridge processed SR2.56 billion and SR830.5 million, respectively. By air, King Khalid International Airport in Riyadh received SR11.17 billion in imports. King Abdulaziz International Airport and King Fahad International Airport handled SR8.85 billion and SR4.28 billion, respectively.