The Dec’25 Brent futures contract rose this afternoon, from $61.53/bbl at 12:00 BST to $62.40/bbl before easing to $62.00/bbl at 16:30 BST (time of writing). In the news, the IEA has reported a decrease in Russia’s crude oil and fuel export revenues for September, falling to $13.35bn from $13.58bn in August. Exports of refined products have dropped to their lowest level in a decade, excluding the COVID-19 period. Elsewhere, Reuters have reported that Egypt is planning to drill 480 exploratory wells with 101 of which scheduled for 2026. The development is backed by various investments totalling about $5.7bn over the course of 5 years. In India, the country’s foreign ministry has announced that a Mongolian oil refinery, backed by Indian investment, is expected to begin operations in 2028. Its expected capacity is 30kb/d and will be Mongolia’s first oil refinery. In other news, TotalEnergies CEO Patrick Pouyanné stated that non-OPEC crude production is likely to decline when prices fall to $60/bbl or lower, citing producer warnings about eroding shale output. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.31/bbl and $0.24/bbl, respectively.
