OPEC’s report indicated that its reference basket price climbed to $69.73 per barrel in June—up by $6.11 from May—while Brent futures rose to $69.80 and WTI averaged $67.33, increases of $5.79 and $6.39 respectively. These higher prices provided a direct incentive for African oil-exporting nations to ramp up output.

The data showed that Congo held fourth place in African production with 256,000 barrels per day, followed by Gabon with 234,000 barrels. Both countries recorded minor increases. The performance disparity among producers reflected varying operational capacities and investment conditions across the continent.

Global Demand Lifts West African Crude

The report also highlighted improved differentials for West African crude, driven by strong demand from Asian and European markets for July-loading cargoes. Rising prices for similar blends in other regions further supported African crude valuations.

According to 2025 data from S&P Global High Impact, Africa’s share in global oil discoveries surged to 35% in 2024—up from just 7% the year before—pointing to renewed exploration momentum on the continent.

Meanwhile, OPEC maintained its global economic growth forecast at 2.9% for 2025 and 3.1% for 2026, with stable projections for the U.S. and Japan, signaling market confidence despite persistent volatility.