Akintunde Oyedokun
Research Analyst
Oil prices gained over 2% on Friday as supply concerns and summer demand pushed the market higher. Brent crude closed at $70.36 per barrel, up 2.5%, while WTI rose 2.8% to $68.45. For the week, Brent added 3% and WTI 2.2%.
The IEA noted the market may be tighter than expected due to peak refinery activity. U.S. rig counts fell for the 11th straight week, and Saudi exports to China are set to reach a two-year high. Despite a projected global supply increase, short-term prices remain supported by geopolitical risks and Russia’s commitment to meet OPEC+ targets.
UK Economy Contracts Again, Raising Worries Over Growth
Britain’s economy shrank by 0.1% in May after a 0.3% fall in April, surprising experts who expected a small rise. The decline was due to weaker factory and construction activity, despite small growth in services.
This adds pressure on the government and increases the chances of a Bank of England rate cut in August. Finance Minister Rachel Reeves may also need to raise taxes, which she had hoped to avoid.
Trade with the U.S. dropped again in May, adding to economic concerns. Reeves said the numbers were disappointing but promised to focus on growing the economy.
Germany Passes €46bn Tax Relief to Revive Economy
Germany’s parliament has approved a €46 billion tax relief package aimed at boosting investment and lifting the economy from stagnation. The plan allows faster depreciation for businesses and electric vehicles, alongside a gradual corporate tax cut to 10% by 2032.
The government estimates the measures will add €29 billion to the economy and create up to 39,000 jobs by 2029. To secure support, it also pledged €8 billion to states for investment in public services like education and healthcare.
Azule Energy Uncovers Major Gas Find in Angola’s First Dedicated Exploration Well
Azule Energy, a joint venture between BP and Eni, has made a significant gas discovery in Angola’s first dedicated gas exploration well, Gajajeira-01. Drilled in Block 1/14 of the Lower Congo Basin, the well encountered gas and condensate-bearing rock, with early estimates pointing to over 1 trillion cubic feet of gas and around 100 million barrels of condensate.
The discovery, described as a landmark moment by Azule CEO Adriano Mongini, boosts confidence in Angola’s gas potential. The block is operated by Azule Energy (35%) in partnership with Equinor (30%), Sonangol E&P (25%), and Acrep S.A. (10%).
Senate Demands NNPCL Account For N210tr Audit Irregularities, Warns GCEO Over Absence
The Senate has called out the Nigerian National Petroleum Company Limited (NNPCL) for failing to account for N210 trillion flagged in the Auditor-General’s 2017–2023 report. Senator Aliyu Wadada clarified the Senate isn’t accusing the company of theft but insists on transparency. NNPCL’s GCEO, Bayo Ojulari, missed a scheduled hearing due to an OPEC meeting, prompting the committee to reject a substitute appearance by the CFO and reiterate that Ojulari must appear in person. Senator Oshiomhole warned against defying Senate authority, stressing compliance is mandatory.
