Top 5 African countries that produced the most oil in June 2025

In June, the average value of the OPEC Reference Basket (ORB) was $69.73/b, up $6.11 month over month (m-o-m).

The ICE Brent front-month contract had a monthly gain of $5.79 to an average of $69.80/b, while the NYMEX WTI front-month contract saw a monthly increase of $6.39 to an average of $67.33/b.

As per the latest OPEC Monthly report for July, the global economy maintained its steady growth track, aided by the strong growth observed in 1H25. Global economic growth forecasts for 2025 and 2026 remain unchanged at 2.9% and 3.1%, respectively.

Forecasts for US economic growth in 2025 and 2026 continue at 1.7% and 2.1%, respectively. Japan’s economic forecasts remain unchanged at 1.0% for 2025 and 0.9% for 2026.

Global oil demand growth is expected to stay at 1.3 million barrels per day (mb/d) in 2025, unchanged from last month’s prediction.

“West African crude differentials also strengthened in June on renewed demand from European and Asian buyers for July-loading cargoes. The high value of similar grades in other regions also helped to lend support to West African grades,” the report states.

Additionally, the report showed that China’s overall exports to the US decreased by 28% during the last two months, but this was more than made up for by a rise in shipments to other continents, such as Africa, Latin America, the ASEAN area, and the EU.