Nov’24 Brent futures flat price took a steep decline this afternoon, pricing around $72.70/bbl at 12:00 BST followed by a high of $73.50/bbl at 14:50 BST before plummeting to $70.82/bbl at 17:15 BST (time of writing). In the news today, Iran’s crude oil exports were reduced to around 3.3 mb/d last month in compliance with OPEC+ supply restrictions, compared to an output of 3.48 mb/d in July. The Iraqi oil ministry has said the country will maintain a reduced level of oil exports in coming months, according to Reuters. In other news, state-owned Saudi Aramco lowered the OSP of its Arab Light crude for buyers in Asia by 70 cents to $1.30/bbl, according to a price list by Bloomberg. Finally, Nigeria’s new upstream deal with Italian energy major Eni plans to boost its production output to 2 mb/d by the end of 2024, Nigeria’s Minister of State Petroleum Resources said. At the time of writing, the front month (Nov/Dec’24) and six-month (Nov/May’25) Brent futures spreads are at $0.33/bbl and $0.88/bbl, respectively.
