Nov’25 Brent futures rallied over the afternoon but failed to maintain strength above $68.00/bbl around 16.30 BST, and softened to $67.68/bbl at the time of writing at 17.05 BST. At the 80th UN General Assembly, US President Donald Trump accused India and China of funding Russia’s war in Ukraine through energy purchases. He warned that if Moscow refuses peace, the US is ready to impose strong tariffs, effective only if Europe joins by ending Russian energy imports. Trump said he would press European leaders on this in New York, reiterating his claim that the war would be the “easiest to end.”. Russia’s Primorsk port is running crude oil loadings two to three days late after a September 12 Ukrainian drone strike damaged two Aframax tankers and port infrastructure. Other vessels, including the Jasmine bound for China, departed behind schedule. The delays may cut exports below the planned 900 kb/d, with Russia redirecting flows from other ports as drone attacks on its energy facilities continue. A deal to resume 230 kb/d of Kurdish oil exports via Turkiye stalled as major producers DNO and Genel demanded repayment assurances on about $1 billion in arrears. Iraq’s cabinet was set to approve the agreement, but the companies have yet to sign on. DNO, owed roughly $300 million, said it had proposed “easy fixes” to move talks forward. Exxon Mobil has begun production at new facilities in its Singapore refinery, converting residue fuel into higher-value base stocks and distillates, boosting capacity by 20,000 barrels per day. Crude imports hit a record 541 kb/d in August, with the refinery shifting fully to high-sulphur crude since April. Finally, at the time of writing, the Nov/Dec’25 and Nov/May’25 Brent futures spreads stand at $0.64/bbl and $1.69/bbl, respectively.
