4 November 2025: 08:30 GMT
Of course, it didn’t take long for the ADIPEC chatter to turn to Russian sanctions. The talk is all about how much flows will be redirected as a result, with some expecting as much as 1.5 mil b/d lost to India, as the most inclined to switch things up seem to be Reliance – they’ve bought nearly 20 Middle Eastern cargoes! – Mangalore and HPCL. That could see the market up to the low-$70s according to some – though remember they have until 21 November for the US sanctions on Rosneft and Lukoil to really come into force. But for now, it’s dropping. This morning Brent fell to $64.31/bbl by the Asian close, before continuing its downtrend to even below $64!
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