Oct’25 Brent Futures softened in the early morning but saw support at $65.90/bbl between 07.30-09.00 BST before it rose to $66.70/bbl at 11.17 BST (time of writing). Guyana’s oil output has surpassed 900kb/d, boosted by ExxonMobil’s launch of the Yellowtail project in the Stabroek block. The fourth and largest development there, Yellowtail can pump up to 250 kb/d via the FPSO One Guyana. Ørsted, the world’s top offshore wind developer, will raise $9.4 billion through a rights issue to tackle US market setbacks and supply chain challenges, with the Danish state taking its full 50.1% stake and Morgan Stanley underwriting the rest. The US and China face an Aug. 12 deadline to extend their tariff pause as Trump threatens higher duties over Beijing’s Russian oil purchases. China called the trade “legitimate and lawful,” while Trump, eyeing a possible meeting with Putin, has also doubled tariffs on India for similar buys. He awaits a key court ruling on his tariff powers, warning that a loss could hurt the economy. Reuters reported that Saudi Arabia’s crude exports to China will fall in September to about 1.43 mb/d from 1.65 mb/d in August, after Aramco raised prices. Sinopec, its Fujian JV, PetroChina, and Shenghong Petrochemical are trimming liftings, while Indian refiners kept full allocations despite US warnings over Russian oil. Aramco lifted its Arab Light premium to $3.20 over Oman/Dubai, the highest since April. At the time of writing, the front (Oct/Nov) and 6-month (Oct/Apr’26) Brent Futures spreads are printing at $0.68/bbl and $1.59/bbl, respectively.
