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Oil Stabilizes Ahead of OPEC+ Meeting

Oil pump jacks are seen at uthe Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Purchase Licensing Rights
Oil pump jacks are seen at uthe Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Purchase Licensing Rights
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Oil Stabilizes Ahead of OPEC+ Meeting

Oil pump jacks are seen at uthe Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Purchase Licensing Rights
Oil pump jacks are seen at uthe Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Purchase Licensing Rights

Oil prices held steady on Friday as investors await US inflation data for clues on the demand outlook before turning attention to Sunday's OPEC+ meeting to determine the state of supply into next year.

Brent futures were up 14 cents, or 0.17%, at $82.00 a barrel by 0908 GMT. US West Texas Intermediate (WTI) crude was down 4 cents, or 0.05%, at $77.87.

The more liquid August Brent contract was trading at $81.93, up 5 cents from the previous settlement.

Brent futures are on track for a monthly loss of almost 7% after dropping 2% in the previous session on a surprise build in US fuel inventories, Reuters reported.

Higher refinery utilization brought a deeper than expected draw in crude oil stocks in the week to May 24, Energy Information Administration (EIA) data showed.

However, gasoline inventories rose by 2 million barrels, against expectations of a 400,000 barrel draw and higher demand ahead of the Memorial Day weekend.

In the euro zone, inflation rose by 2.6% in May, Eurostat data showed, beating the 2.5% expected by economists polled by Reuters.

The increase is unlikely to deter the European Central Bank from cutting borrowing costs next week, but it could slow the rate-cutting cycle in the coming months.

The oil market has been under pressure in recent weeks over the prospect of borrowing costs staying higher for longer, which ties down funds and can curb oil demand.

US inflation data is due to be released at 1230 GMT.​

Markets are also awaiting the OPEC+ meeting on Sunday, with the producer group working on a complex deal that would allow it to extend some of its deep oil production cuts into 2025, three sources familiar with OPEC+ discussions said on Thursday.

"The probable extension of the voluntary production cuts by OPEC+ should cause oil prices to rise again," Commerzbank analysts said. "Ultimately, this would threaten a significant undersupply on the oil market in the third quarter."

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Egypt's January-March Current Account Deficit Widens to $5.1 billion

The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
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Egypt's January-March Current Account Deficit Widens to $5.1 billion

The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)
The headquarters of the Central Bank of Egypt in downtown Cairo (Asharq Al-Awsat)

Egypt's current account deficit more than doubled to $5.1 billion in the January-March quarter from $2.3 billion a year earlier, central bank data showed on Sunday.

Net foreign direct investment inflows edged down to $3.7 billion from $3.8 billion in the same period of 2025, Reuters reported.

The central bank attributed the wider July-March current account deficit mainly to a larger merchandise trade deficit, partly offset by higher remittances, tourism revenue and Suez Canal receipts.

Remittances from Egyptians working abroad rose to $12.8 billion from $9.3 billion in the same quarter last year, Reuters reported.

Tourism revenue increased to $4.2 billion from $3.8 billion in the same period last year. Suez Canal revenues rose to $1 billion from $800 million a year earlier.

Oil imports increased to $5.7 billion in the same quarter, from $4.8 billion a year earlier, while exports rose slightly to $1.6 billion from $1.2 billion.

Business

Focus Turns to Building Stronger Institutions in Africa to Speed Shift to Renewable Energy

A solar power plant in Burkina Faso (Reuters)
A solar power plant in Burkina Faso (Reuters)
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Focus Turns to Building Stronger Institutions in Africa to Speed Shift to Renewable Energy

A solar power plant in Burkina Faso (Reuters)
A solar power plant in Burkina Faso (Reuters)

Africa’s biggest clean energy challenge is shifting from building projects to building the institutions, markets and regulatory systems needed to deliver them at scale, experts say.

That challenge is emerging even as clean energy reaches a historic milestone globally.

Renewables generated 34% of the world’s electricity in 2025, overtaking coal’s 33% share. Together with nuclear power, renewables are expected to provide half of global electricity by 2030.

As industrialization, artificial intelligence and electrification push demand higher, experts say the bottleneck in transitioning to cleaner energy has shifted from technology to the systems supporting it, including funding.

Overcoming such obstacles is vital for securing access to power for the 600 million people in Africa who are yet to be connected.

“Clean energy is now cheaper than fossil fuels in virtually every part of the world,” former New York City Mayor Michael R. Bloomberg, the UN Secretary-General’s Special Envoy on Climate Ambition and Solutions, said in late June while announcing a new $285 million Bloomberg Philanthropies initiative to strengthen clean energy industries in emerging and developing economies.

“But fixable obstacles are still slowing down deployment, and with energy demand rising at an unprecedented speed, we can’t allow those obstacles to continue standing in the way,” The Associated Press quoted him as saying.

Rather than financing solar farms or wind projects directly, the initiative will invest in strengthening market design, regulatory capacity, technical expertise and industry institutions, areas increasingly viewed as essential for attracting private investment and accelerating use of renewable energy.

It reflects a growing consensus that Africa’s energy transition is constrained less by a lack of renewable resources or viable technologies than by the institutional capacity needed to turn those advantages into financially viable projects and electricity on the grid.

Many projects remain delayed by weak market design, limited grid planning, slow permitting processes and fragmented regulatory systems.

“What has been missing is not the potential, but the institutional infrastructure and capabilities to unlock it,” said Saliem Fakir, executive director of the African Climate Foundation.

“Philanthropy that targets those gaps directly is the kind of intervention that can shift the trajectory of a continent’s energy system.”

Across Africa, renewable energy costs have fallen sharply while investment appetite continues to grow. However, investors say policy uncertainty, slow permitting processes and limited regulatory capacity are hindering projects.

Wangari Muchiri, founder and chief executive of RE.Think Energy, said the commitment signals that “the next phase of the energy transition is not about proving clean energy works, it’s about removing the barriers preventing it from scaling fast enough.”

The Bloomberg initiative is looking beyond ambitious renewable energy targets to focus on helping projects attract long-term investments and connect to national grids.

“The next chapter of Africa's renewable energy story will not be only by the projects it builds, but the institutions that make these projects possible,” Muchiri said.

Business

Volkswagen CEO Looks to Avoid Plant Closures as Automaker Moves to Cut Costs

FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo
FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo
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Volkswagen CEO Looks to Avoid Plant Closures as Automaker Moves to Cut Costs

FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo
FILE PHOTO: Oliver Blume, CEO of Volkswagen AG and Porsche AG, speaks during the annual Volkswagen Group press conference in Wolfsburg, Germany March 11, 2025. REUTERS/Liesa Johannssen/File Photo

Volkswagen's CEO indicated in comments published Sunday that he's trying to avoid closing plants as he seeks to turn around the automaker's performance.

The Wolfsburg, Germany-based company faces pressure to cut costs at home and increasingly intense competition in the lucrative Chinese market, in particular.

Last week, Volkswagen said its “fundamental realignment” over the past three years had reached its next phase, announcing plans to streamline the model lineup by up to half.

It didn't provide specifics, and questions remain over how else it will cut costs. There has been renewed speculation about the future of several plants in Germany.

“There are more intelligent solutions than closing plants,” CEO Oliver Blume told the Bild am Sonntag newspaper, according to The Associated Press.

He added that a cost-cutting program in Germany already is producing effects. “We were able to improve our factory costs in Germany by an average 20% last year alone,” he said, describing that as “strong progress.”

Blume argued that Volkswagen's products are very popular, but “we just earn too little money with them. So we must continue to reduce our costs. In all kinds of costs.”