The Jul’25 Brent futures contract initially fell from $64.97/bbl to $64.47/bbl before rallying to $65.14/bbl at 10:33 BST. Prices have since slightly fallen to $64.92 at 11:30 BST (time of writing). In the news, OPEC+ is working to balance the oil market while ensuring supply investment keeps pace with rising demand, UAE Energy Minister Suhail Al Mazrouei said on Tuesday. Speaking ahead of the group’s full ministerial meeting on Wednesday, he emphasised the need for broader cooperation beyond OPEC+ to maintain stability. In other news, Norwegian oil and gas investments are set to reach a record in 2025 at $26.6B, according to a new industry survey. However, spending is expected to fall to $20.4B in 2026 as fewer new developments are likely to offset the decline. Vår Energi, aims to approve up to 14 new developments in 2025, mainly smaller finds near existing platforms. A fire broke out on Monday in a fuel oil tank at Ecuador’s largest refinery, Esmeraldas, prompting a temporary shutdown, state oil firm Petroecuador said. All staff were safely evacuated, and investigations into the cause and potential damage are ongoing. Operations have been halted as a precaution to ensure safety. SOCAR, Gunvor, and the UAE’s Bin Butti Group are expected to submit binding offers next week for Italian oil refiner Italiana Petroli (IP), sources told Reuters. IP, operates a 200kb/d refinery and 4,600 fuel stations. SOCAR is seen as the frontrunner, with the company valued between €2.3–2.5B. Finally, the front-month Jul/Aug and 6-month Jul/Jan’26 spreads are at $0.64/bbl and $1.67/bbl respectively.
