IEA: Oil market tighter than it seems despite forecast surplus
The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising ref...
Germany’s coalition government collapsed over budget disputes, sparking political turmoil. Opposition leader Friedrich Merz urges an immediate confidence vote, while Chancellor Scholz plans a vote in January, leading to elections by March.
Germany is in political turmoil after Chancellor Olaf Scholz’s three-way coalition collapsed over disagreements on how to address a multi-billion-euro budget gap and revive the economy.
The coalition, made up of Scholz’s SPD, the Green Party, and the FDP, fell apart when Scholz fired Finance Minister Christian Lindner from the FDP for opposing his plan to suspend Germany’s debt rules to raise funds for Ukraine. The FDP then withdrew from the government, leaving the SPD and Greens without a majority.
Opposition leader Friedrich Merz has called for a confidence vote immediately, warning that the country cannot afford months of political uncertainty.
Scholz plans to hold the vote in January, which is expected to fail, triggering elections by March—six months ahead of the original September timeline. Some analysts suggest early elections could provide clearer policy direction and end the political paralysis.
In the interim, Scholz appointed Joerg Kukies, an SPD ally, as the new finance minister. However, it remains unclear if his appointment will stabilize the government.
Australian researchers have pioneered a low-cost and scalable plasma-based method to produce ammonia gas directly from air, offering a green alternative to the traditional fossil fuel-dependent Haber-Bosch process.
A series of earthquakes have struck Guatemala on Tuesday afternoon, leading authorities to advise residents to evacuate from buildings as a precaution against possible aftershocks.
A deadly mass shooting early on Monday (7 July) in Philadelphia's Grays Ferry neighbourhood left three men dead and nine others wounded, including teenagers, as more than 100 shots were fired.
The 17th Summit of the Economic Cooperation Organization (ECO) was successfully held in Khankendi, Azerbaijan, highlighting the region’s revival and the deepening economic cooperation among member states.
Dozens of international and domestic flights were cancelled or delayed after Mount Lewotobi Laki Laki erupted on Monday, but Bali’s main airport remains operational.
Washington and Ottawa are once again at odds, as President Trump unveils a sharp new tariff on Canadian goods—citing drug trafficking and trade disputes just weeks ahead of a key deadline.
France recorded over 100 drowning deaths in just one month — a 58% rise from last year — as unusually high temperatures drove more people to water, public health officials say.
Migration offset natural decline for the fourth consecutive year, pushing the European Union’s population to an historic high of 450.4 million in 2024, according to Eurostat figures released on Friday.
Germany’s public debt is projected to climb from 62.5% to 74% of GDP by 2030, driven by record defence and infrastructure spending, according to a report by the European rating agency Scope.
The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising refinery activity and seasonal summer demand as key drivers of short-term market pressure.
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