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Oil Drops as Larger OPEC+ Supply Increase Raises Glut Concerns - BLOOMBERG

JULY 06, 2025

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Oil declined after OPEC+ agreed to a bigger-than-expected production increase next month, raising concerns about oversupply just as US tariffs fan fears about the demand outlook.

Brent slid as much as 1.6% toward $67 a barrel after falling 0.7% on Friday, and West Texas Intermediate was near $66. The group led by Saudi Arabia decided on Saturday to increase supply by 548,000 barrels a day, putting OPEC+ on track to unwind its most recent output cuts a year earlier than planned.

MARKET NEWS

July 06 Benin, Togo owe Nigeria $11m in electricity debt – NERC - PUNCH July 06 Oil Drops as Larger OPEC+ Supply Increase Raises Glut Concerns - BLOOMBERG July 06 From $20 to $500 more banks open naira cards abroad on improved FX - BUSINESSDAY July 06 OPEC+ to boost oil production by 548,000 barrels per day in August - ASSOCIATED PRESS July 06 Non-oil exports jump 78% amid data gap concerns - PUNCH July 06 South African rand gains on investor optimism over US trade negotiations - REUTERS July 06 Russia says low global oil stockpiles prompted OPEC+ to hike output - REUTERS July 06 Tanzania central bank cuts policy rate as it sees stable inflation July 06 Nigerian banks resume international naira card transactions amid FX market confidence... (read more) July 04 IMF hails Nigeria’s economic reforms, says growth projected at 3.4% in 2025 - PREMIUM TIMES July 04 BDC operator unmasks crypto-to-cash deals in N3.4b fraud trial - THE GUARDIAN July 04 IMF backs reforms amid calls for budget overhaul - PUNCH July 04 FG’s importation of $250m Belarus tractors would have created 40,000 local jobs – loc... (read more) July 04 Naira gains, trades N1526.15/$ at official market - NIGERIAN TRIBUNE July 04 Naira rises to N1,570/$ in parallel market - VANGUARD July 04 Naira gains against dollar across official, black markets - DAILY POST July 04 Italy to issue half million non-EU work visas over next three years - FRANCE24 July 04 African Development Bank to give South Africa $475 million loan - REUTERS July 04 AFRICA-FX-Nigerian and Ugandan currencies could gain - REUTERS July 04 Naira records N90 gain in black market H1 as dollar inflows surge July 03 Take action to exit grey list, IMF urges Nigeria - PUNCH July 03 Investors lose N150bn as market opens July in red - PUNCH July 03 Nigeria must review 2025 budget to avert crisis, IMF warns - PUNCH July 03 Union Bank, FCMB begin USSD charges from airtime - PUNCH July 03 Nigeria’s economy grows 3.7% in H1 - PUNCH July 03 Naira records four-month high of N1,526.15 on improved liquidity July 03 Pound tumbles and bond markets sent into turmoil after Rachel Reeves's Commons tears ... (read more) July 02 Oil settles up on signs of strong demand, investors await OPEC+ decision - REUTERS July 02 Copper Rises to Three-Month High on China Manufacturing Rebound - BLOOMBERG July 02 Oil Falls as Mideast Tensions Ease Ahead of OPEC+ Decision - BLOOMBERG

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