The Dec’25 Brent futures contract rose this afternoon, from $62.28/bbl at 13:00 BST to $62.95/bbl at 17:00 BST (time of writing). In the news, Reuters has reported that a Chevron-operated consortium developing the Kazakh oilfield, Tengiz, will restart oil exports via the Baku-Tbilisi-Ceyhan pipeline this November. The pipeline runs through Georgia to Turkey. Exports were suspended in July due to chloride contamination; according to Reuters, the consortium is expected to export 1mb next month. Elsewhere, JODI data showed that Saudi Arabian crude exports in August had risen to 6.4mb/d, the highest level in six months. In Russia, LSEG data has shown that 750kb of a mix of ARCO oil and gas condensate are set to be delivered to Syria’s Banias port. While the buying and selling parties are unclear, Reuters reported that the mix was supplied by Russian producers Gazprom Neft and Novatek. Also in Russia, the top army brass has said that would seek reservists to defend oil infrastructure amidst Ukrainian drone strikes. According to Russian Prime Minister Vladimir Putin, there are some 2 million men in the reserves, from which the government would call upon. In other news, ExxonMobil has said that it has landed a deal with the Gabon government to explore for oil and gas off its coast. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.31/bbl and $0.30/bbl, respectively.
