The Jul’25 Brent futures contract saw prices fall from $65.10/bbl at 08:30 BST to $64.75/bbl at 09:30 BST. Prices have since rallied to $65.48 bbl at 11:52 BST (time of writing). In the news, Norway’s oil industry and labor unions secured a wage deal, avoiding strikes that could disrupt output. Around 7,400 workers will get a $3,300 annual raise. The country plans record $22.9B oil and gas investment in 2025, despite climate concerns. In other news, Namibia expects TotalEnergies to make a final investment decision on its Venus oil discovery in Q4 2026, according to Namibia’s petroleum commissioner Maggy Shino. TotalEnergies is anticipated to submit its initial oilfield development plans for approval by June or July 2025. ADNOC has received unconditional EU antitrust approval for its $16.3B acquisition of German chemicals firm Covestro, the European Commission confirmed on Tuesday. The deal reflects the UAE’s broader strategy to diversify beyond oil amid the global energy transition. Saudi Arabia will maintain its crude oil exports to China at around 48mb in June, matching May’s level, according to a Reuters source. This comes after OPEC+ decided to increase output and follows Saudi Aramco’s move to cut prices for May shipments to near four-year lows, stimulating demand. Despite a slight price increase for June, Chinese refiners like Sinochem, Rongsheng, and Hengli will lift more Saudi crude, while others like Sinopec, CNOOC, and the Aramco-Sinopec JV Fujian refinery will reduce intake. Finaly the front-month Jul/Aug and 6-month Jul/Jan’26 spreads are at $0.44/bbl and $1.28/bbl respectively.
