Overnight & Singapore Window: Brent Rises Over $68/bbl

Nov’25 Brent futures traded down to $67.39/bbl at 21.51 BST last night, before reaching $68.24/bbl at 10.25 BST and softening to $68.03/bbl at 11.33 BST (time of writing). The Caspian Pipeline Consortium (CPC), which transports around 1.5% of global oil supply and is a key export route for Kazakh crude, has resumed operations at its Black Sea mooring point SPM 3 after scheduled maintenance. This comes as SPM 2 remains offline following an accident and oil spill during loading last week, while SPM 1 continues to function normally. Trump’s trade adviser, Peter Navarro, sparked outrage in India after claiming in a Fox News interview that “Brahmins are profiteering at the expense of the Indian people” through Russian oil imports. His remarks triggered political backlash, with Shiv Sena (UBT) leader Priyanka Chaturvedi slamming them as a “shameful and sinister” use of caste identity and evidence of a “senile meltdown,” arguing the reference to Brahmins in India’s context was deliberate. Responding to Navarro, who called India a “laundromat” for Moscow’s oil, Oil Minister Hardeep Puri argued the purchases prevented a global price shock and complied with G7 rules. Puri said the flows stabilised markets and shielded the world from $200-per-barrel prices. Guyanese voters head to the polls today to elect a president and parliament that will shape how the nation spends its $7.5 billion in oil revenues since 2019. President Irfaan Ali, seeking reelection with the PPP, touts investments in infrastructure, healthcare, and education, including free university study and 20,000 government-funded scholarships. Angola inaugurated its long-delayed Cabinda oil refinery, a project set to nearly double the nation’s refining capacity and reduce costly fuel imports. The first phase, producing 30,000 bpd of diesel and jet fuel, will start output in about three months, with a second phase eventually lifting capacity to 60,000 bpd. Built through a public-private partnership between UK-based Gemcorp and state oil firm Sonangol under government oversight. Finally, the front (Nov/Dec) and 6-month (Nov/May) Brent futures spreads are at $0.62/bbl and $1.56/bbl, respectively.