The Nov’25 Brent Futures contract fell from $69.24/bbl at 07:53 BST to $68.60/bbl at 09:56 BST. Prices have since rallied back up to $69.09/bbl at 11:20 BST (time of writing). In the news, seven indigenous communities in Ecuador’s Amazon are opposing the government’s plan to open 49 oil and gas blocks, citing violations of constitutional rights and lack of prior consent. The $47 Bn initiative aims to modernise the oil sector and attract foreign investment, but critics argue it threatens ancestral lands and breaches legal protections. Ecuador, heavily reliant on oil exports, is seeking to reverse declining output, around 464 kb/d in 2024, amid frequent pipeline disruptions. In other news, eight oil companies operating in Iraq’s Kurdistan region have reached a preliminary agreement with the federal and regional governments to restart crude exports, which have been suspended since early 2023 due to a dispute with Turkey. The deal, covering 90% of the region’s production, could resume flows “in the coming days,” though two companies, Norway’s DNO and Britain’s Genel Energy, have withheld signatures, demanding payment guarantees for $1 Bn in unpaid royalties. Exports are expected to resume at a reduced rate of 230 kb/d, down from the previous 400 kb/d. Russia plans to begin natural gas production at the Sakhalin-3 project in 2028, aiming to supply both China and domestic markets, according to Sakhalin’s governor. Gazprom and local authorities are also planning a new refinery in southern Sakhalin to process gas condensate into jet fuel, diesel, and naphtha. The move is part of Russia’s broader shift toward Asian energy markets amid ongoing tensions with the West. Finally, the front-month Nov/Dec spread is at $0.83/bbl and the 6-month Nov/May spread is at $2.23/bbl.
