Seven OPEC+ members have decided to raise oil production quotas once more as the situation in the Middle East stabilizes following recent conflicts. This decision comes amidst ongoing challenges faced by Gulf countries due to the war in the region, according to Vanguard.

OPEC+ has approved an increase in oil output as exports through the Strait of Hormuz recover. Brent crude prices were reported at approximately $72 per barrel on Friday, a decline from recent highs exceeding $120, according to SABC Business.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has granted new fuel import permits to seven major oil marketers amid rising concerns about domestic fuel supply levels. This approval is part of a fresh round of permits for the third quarter of 2026, aimed at ensuring adequate fuel availability in the country, according to Vanguard Business.

Nigerian marketers have confirmed that they have received new fuel import licences from the Federal Government for the third quarter of 2026. This development is expected to ensure a stable supply of petroleum products across the nation.

Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) by N200 per litre within a month, indicating that the refinery has absorbed the recent surge in global oil prices. This marks another instance of price cuts from the refinery, suggesting a trend towards further moderation in fuel prices, according to Premium Times Business.

Global oil prices have stabilized around $75 as markets shift from concerns about potential supply shortages to worries about oversupply. Analysts caution that geopolitical risks may continue to keep oil prices elevated, particularly in light of ongoing developments related to a peace deal with Iran.