Oct’25 Brent Futures sank in the early morning to a low of $65.80/bbl at 07.43 BST but rose to $66.80/bbl at 11.10 BST (time of writing). Pakistan Refinery Limited (PRL) will import its first Nigerian Bonny Light crude shipment from Vitol in September 2025, signalling a shift from its traditional reliance on Middle Eastern oil. The 500kb shipment offers a cheaper alternative and follows a similar move by Cnergyico to import US crude in October. Oil remains Pakistan’s most significant import, totalling $11.3 billion in FY 2025, about 20% of its total imports. Petrobras reported weaker-than-expected results as lower oil prices offset strong output. It raised investments 30.6% y/y to $4.4B but cut its Q2 dividend to $1.6B, below the $2.2B expected. CEO Magda Chambriard aims to control spending while expanding production. Hindustan Petroleum Corp is seeking alternative crude sources amid rising Russian oil prices and sanctions. Chairman Vikas Kaushal said the move is a precaution in case the company stops Russian imports. Polish Prime Minister Donald Tusk said a pause in the Ukraine war may be near, citing signals and his conversation with President Zelensky. He noted there is hope for a potential freeze in the conflict, though not necessarily an end. At the time of writing, the front (Oct/Nov) and 6-month (Oct/Apr’26) Brent Futures spreads are printing at $0.59/bbl and $1.43/bbl, respectively.
