The Nov’25 Brent Futures Contract found support early this afternoon, rising to $67.17/bbl at 14:00 BST before falling briefly to $66.99/bbl at 15:00 BST and recovering to $67.14/bbl at 17:00 BST. In Nigera, a meeting between the Nigerian government, the trade union PENGASSAN, and Dangote (originally planned for today at 14:00 BST) was moved behind doors to the Nigerian Office of the National Security Adviser. A Nigerian official later downplayed the impact of the workers’ strike, claiming a minimal impact, as reported by Bloomberg. In the news, Reuters reported in the early afternoon that OPEC+ was likely to consider a larger oil production increase of up to 500kb/d over 3 months at its meeting on Sunday. Later in the afternoon, however, OPEC+ dismissed these claims via their official X account. OPEC+ claims that discussions have yet to begin. Elsewhere, the US Administration’s pressure on remaining buyers of Russian crude is seemingly backfiring, as Russia’s crude oil exports by sea have hit their highest level since May 2024, reports Bloomberg. Russia exported on average 3.62mb/d in the 4 weeks to 28 Sep, signalling that neither India nor any other major buyers have reduced purchases. In other news, ExxonMobil has announced a layoff of 2,000 workers globally, half of which will be from Imperial Oil, according to an official statement. Finally, at time of writing, the front-month Nov/Dec and 6-month Nov/May spreads are at $0.78/bbl and $1.73/bbl respectively.
