Oil prices edged lower on Wednesday, pressured by signs of slowing global demand and increased crude supply from the Organization of the Petroleum Exporting Countries and its allies (OPEC+). Brent crude fell 0.17% to $68.17 per barrel, while West Texas Intermediate (WTI) dipped 0.16% to $65.55, compared to $65.66 in the previous session.
The modest declines followed fresh data from OPEC’s Monthly Oil Market Report showing a combined output increase across the cartel. OPEC crude oil production rose by 220,000 barrels per day (bpd) in June to 27.02 million bpd, while broader OPEC+ supply climbed by 349,000 bpd to 41.56 million bpd.
Nigeria, a key OPEC member, met its 2025 production quota for the second time this year, pumping an average of 1.505 million bpd in June. This marks a 3.58% increase from May’s 1.453 million bpd and the country’s highest output level since January.
By achieving its quota, Nigeria retained its position as Africa’s top oil producer, ahead of Algeria, which produced 927,000 bpd. The report underscored Nigeria’s improving upstream performance amid ongoing market uncertainties.
OPEC kept its 2025 global oil demand growth forecast unchanged, projecting a year-on-year rise of 1.3 million bpd to reach 105.13 million bpd. Despite steady demand projections, rising supply continues to weigh on oil market sentiment.
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