The Jul’25 Brent futures contract fell from $65.03/bbl to $63.69/bbl at 08:14 BST. Prices slightly recovered to $63.87/bbl at 11:25 BST (time of writing). In the news, OPEC+ is discussing a potential oil production increase of 411kb/d for July, Bloomberg reported, citing delegates. No final decision has been made ahead of the June 1 meeting. Reuters previously reported that the group could restore up to 2.2mb/d by November, possibly starting with a larger hike in July. In other news, Dangote Petroleum Refinery announced a partnership with global distributor Vinmar Group to export its polypropylene products. The $2B petrochemical plant in Lagos, which began local production in March, has a capacity of 830k mt. Nigeria currently imports 90% of its 250k mt/year polypropylene needs. The facility aims to meet local demand and position Nigeria as a net exporter. British gas producer Energean narrowed its 2025 output forecast and is actively pursuing M&A opportunities after scrapping a planned asset sale to Carlyle. Energean now expects production of 155kb/d–165kb/d, down from previous guidance of 160,000kb/d–175,000kb/d. CEO Mathios Rigas said the company is evaluating both acquisitions and organic growth across Europe, the Middle East, and Africa, with a focus on capital discipline. Finally, the front-month Jul/Aug spread is at $0.49/bbl and the 6-month Jul/Jan’26 spread is at $1.16/bbl.
