Reuters Africa Business Archives

Egypt’s non-oil business conditions deteriorate further in June, PMI shows

6 Jul 2025 6 Jul 2025

(Reuters) -Egypt’s non-oil private sector experienced a further decline in business conditions in June, with contractions in output and new orders accelerating, according to the latest S&P Global Purchasing Managers’ Index (PMI) data released on Sunday. The headline PMI fell to 48.8 in June from 49.5 in May, marking the fourth consecutive month below the …

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OPEC+ speeds up oil output hikes, adds 548,000 bpd in August

5 Jul 2025 5 Jul 2025

By Alex Lawler, Maha El Dahan, Olesya Astakhova and Ahmad Ghaddar LONDON (Reuters) -OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped – and then retreated – following Israeli and U.S. attacks on Iran. The group, which pumps …

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OPEC+ may further accelerate oil output hikes on Saturday, sources say

4 Jul 2025 4 Jul 2025

By Ahmad Ghaddar, Alex Lawler and Dmitry Zhdannikov LONDON (Reuters) -OPEC+ may make an increase in oil output for August at its meeting on Saturday that is larger than the 411,000 barrels per day (bpd) hikes it made for May, June and July, three sources familiar with OPEC+ talks told Reuters. Eight members of the …

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Oil falls slightly ahead of expected OPEC+ output increase

4 Jul 2025 4 Jul 2025

By Amanda Stephenson CALGARY (Reuters) -Oil futures slipped slightly in thin holiday trading on Friday, as the market looked ahead to this weekend’s OPEC+ meeting and the likelihood that member countries will decide to raise output. Brent crude futures settled down 50 cents, or 0.7%, at $68.30 a barrel while U.S. West Texas Intermediate crude …

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Guinea bauxite exports up 36% to 99.8 million tons on Chinese demand

4 Jul 2025 4 Jul 2025

By Maxwell Akalaare Adombila DAKAR (Reuters) -Guinea’s exports of bauxite, a feedstock for aluminium, jumped 36% to a record 99.8 million metric tons in the first half of 2025, driven by robust Chinese demand that offset declines from a regulatory crackdown, official data showed on Friday. Bauxite exports jumped from 73.4 million tons in the …

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South African rand falls, US bill and tariff updates in focus

4 Jul 2025 4 Jul 2025

JOHANNESBURG (Reuters) -The South African rand fell on Friday as traders mulled the impact of U.S. President Donald Trump’s sweeping tax-cut and spending bill and as pressure mounted on countries to secure trade deals before the United States’ July 9 deadline. At 1251 GMT, the rand traded at 17.6250 against the dollar, roughly down 0.6% …

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Ethiopia agrees $1 billion financing deal with World Bank

4 Jul 2025 4 Jul 2025

ADDIS ABABA (Reuters) -Ethiopia said on Friday that it had signed a $1 billion financing agreement with the World Bank to support its economic reform programme and boost growth. The money will bolster government efforts to ensure financial sector stability, enhance trade competitiveness and strengthen domestic resource mobilization, Ethiopia’s finance ministry said in a post …

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Dollar slips versus major currencies as US tariff deadline looms

4 Jul 2025 4 Jul 2025

By Rocky Swift and Johann M Cherian TOKYO (Reuters) -The dollar slipped against other major currencies on Friday after President Donald Trump got his signature tax cut bill over the final hurdle and pressure mounted on countries to secure trade deals with the United States. The U.S. currency had rallied on Thursday after stronger than …

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Angola hikes diesel price again to bolster public finances

4 Jul 2025 4 Jul 2025

LUANDA (Reuters) -Angola hiked the diesel price by one-third from Friday as part of the government’s drive to curb costly subsidies and shore up public finances. The African oil-producing country has been gradually removing fuel subsidies since 2023, encouraged by the International Monetary Fund. Its economy is under pressure because of a slide in the …

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Oil prices ease on US tariff uncertainty ahead of expected OPEC+ output boost

3 Jul 2025 3 Jul 2025

By Nicole Jao NEW YORK (Reuters) -Oil prices fell slightly on Thursday as investors worried that U.S. tariffs could slow energy demand ahead of an expected supply boost by major crude producers. Brent crude futures settled 31 cents, or 0.45%, lower to $68.80 a barrel. U.S. West Texas Intermediate crude fell 45 cents, or 0.67%, …

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