IEA Revises 2026 Forecast: Global Oil Supply To Plunge Below Demand This Year

Chinese Stocks, Yuan Drop After Dismal Data Dump: Worst Retail Sales Since COVID China’s consumer spending and investment slumped in May to levels unseen since the pandemic, exposing risks for an increasingly two-speed economy, as Bloomberg's Chang Shu and Eric Zhu noted: "The supply side remains robust, driven by faster-than-expected expansion in exports and AI tech sectors. The demand side has faltered, with consumption and private non-tech investment plummeting." Here's the details: Industrial Production Industrial production (IP) growth rose modestly to 4.5% yoy from 4.1% yoy thanks to stronger-than-expected exports, although automobile output growth remained...

French Commandos Board & Seize 4th Russian 'Shadow Fleet' Vessel Since September France announced Monday another weekend interdiction of a Russian "shadow fleet" vessel in international waters near its coast. The French Navy boarded and detained a sanctioned oil tanker, President Emmanuel Macron announced Monday, in an operation which had the assistance from the UK Royal Navy and other allies. This marks the fourth time since September that French commandoes have intercepted a boarded a sanctioned Russian vessel in regional waters. via AFP/French military The vessel, identified as the Tagor, originated from Murmansk,...

French Election: Socialists Secure Paris, LePen's Populists Make Historic Local Gains Marine Le Pen’s National Rally delivered its strongest performance ever in French local elections on Sunday, capturing dozens of municipalities and installing an ally as mayor of Nice - while socialists predictably held onto key urban centers, including Paris, Marseille, Lyon and Lille.  NR celebrates in 2024 The results of the second-round municipal vote on Sunday mark the clearest sign yet that the populist party is no longer a protest movement but a genuine governing force in parts of France - and a...