Oil Falls Amid Expectations of Oversupply | Horizons Middle East & Africa 7/2/2026

Published 2 July 2026 · finance

Stay ahead of today's biggest global financial and geopolitical developments. Today, we cover Apple's reported move to source Chinese-Made memory chips, Meta's plans to launch

Stay ahead of today's biggest global financial and geopolitical developments. Today, we cover Apple's reported move to source Chinese-Made memory chips, Meta's plans to launch an AI cloud computing business, OPENAI discussed handing the US Government a 5% Stake, and the latest comments on inflation from former Federal Reserve official Kevin Warsh. We also examine growing concerns over a potential global currency crisis, Trump's remarks following the US-Iran talks, the continued decline in oil prices, and renewed shipping activity through the Strait of Hormuz. We also discuss the UAE's oil exports returning to pre-conflict levels, Saudi Arabia's efforts to revive oil exports through spot sales, the U.S. decision not to renew its trade agreement with Canada and Mexico, Nigeria's stock market rally becoming a political issue, South Africa's rising inflation expectations, Johannesburg's $128 million funding gap, Prime Minister Narendra Modi's meeting with Sanae Takaichi, Google's partnership with Idris Elba to expand AI access across Africa, Wall Street firms strengthening their presence in the Gulf region, Oman Fertilizer Company's IPO attracting $12 billion in investor demand, MGX raising $49 billion for one of the largest AI investment funds ever, and today's complete market check covering stocks, currencies, commodities, and global financial markets.

Guests Include Sree Kochugovindan, Aberdeen Investments Senior Research Economist; and Aathira Prasad, Nasser Saidi & Associates Macroeconomy Director. Horizons Middle East & Africa is your daily spotlight on one of the world's fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg. Chapters 00:00:00 - Introduction 00:03:19 - Apple Seeks Chinese Chips 00:08:55 - Sree Kochugovindan, Aberdeen Investments Senior Research Economist 00:14:29 - Oil Falls On Growing Signs of Oversupply 00:17:39 - Lesetja Kganyago, South Africa Reserve Bank Governor 00:19:15 - Nigeria's Market Rally Becomes Political Problem 00:22:15 - Google and Idris Elba to Fund African AI Access 00:28:19 - Aathira Prasad, Nasser Saidi & Associates Macroeconomy Director 00:34:42 - US Decides Against Renewing USMCA 00:35:21 - Johannesburg Faces $128M Funding Gap 00:37:06 - Wall Street Firms Bolster Gulf Teams 00:39:42 - Saudis Make Rare Spot Oil 00:41:19 - MGX's $49B AI Fund Raise More on Bloomberg Television and Markets Like this video?