All

The November Brent Futures contract has seen a strong morning session, rising from $66.11/bbl at 08:00 BST to $66.85/bbl at the time of writing (11:00 BST). In headlines, Hungary has reaffirmed it will not suspend Russian oil imports despite US and EU pressure, with Foreign Minister Peter Szijjarto stressing that the country’s energy security depends on Russian supplies due to existing infrastructure. Hungary, which buys about 5 million tons of Russian crude annually through state energy firm MOL and is one of only two EU states directly purchasing Russian crude, argues that alternatives are physically unfeasible. Brussels is considering offering over €500 million in frozen funds to persuade Budapest to give up Russian oil. Meanwhile, Russia’s Arctic LNG 2 project continues exports to China despite Western sanctions, with the Arctic Mulan delivering its second cargo to Beihai this week and several other tankers en route to Asia, signalling steady Russian-Chinese energy trade. At the time of writing, the front (Nov/Dec) and 6-month (Nov/May) are at $0.62/bbl and $1.51/bbl, respectively.

The Nov’25 Brent futures contract is testing 19 Sep’s low, as it dropped from $67.30/bbl at 07.40 BST to $66.47/bbl at 11.12 BST, at the time of writing. India’s Commerce Minister Piyush Goyal will visit the US today to push for a “mutually beneficial” trade deal, signalling easing tensions after stalled talks earlier this year. The negotiations are complicated by US pressure on India over Russian oil imports and Trump’s steep $100,000 H-1B visa fee, which New Delhi says could have “humanitarian consequences”. Key sticking points remain around US demands for access to India’s dairy and farm sectors, where India is cautious about opening up. Iraq boosted oil exports to 3.38 mb/d in August as it eased voluntary OPEC+ production cuts, its state marketer SOMO said. Exports are expected to rise further in September, averaging between 3.4 and 3.45 mb/d. Kuwait’s oil minister Tariq Al-Roumi said the country’s crude production capacity has reached 3.2 mb/d, the highest in over a decade. Under OPEC+ policy, Kuwait will lift output to 2.559 mb/d in October, as part of the group’s gradual increases. After a two-year freeze, Iraq and Turkey agreed to restart oil exports via the Kirkuk-Ceyhan pipeline with a new revenue-sharing deal between Baghdad and the Kurdistan Regional Government. The line, once carrying 400 kb/d, has been shut since March 2023. African petroleum regulators, led by Nigeria, launched the African Petroleum Regulators Forum (AFRIPERF) in Accra to unify regulations and attract investment. Eight countries formally endorsed the charter, with seven more voicing support pending consultations. The forum aims to boost cooperation, transparency, and cross-border energy governance, with committees and a rotating secretariat to guide its work. According to Angola’s NOC, its crude output rebounded to 1.03mb/d in August, up from 998,757 b/d in July. This recovery keeps production above the government’s target of around 1 mb/d, set after the country exited OPEC in 2023. Finally, at the time of writing, the Nov/Dec’25 and Nov/May’25 Brent futures spreads stand at $0.62/bbl and $1.46/bbl, respectively.