The Dec’25 Brent futures contract gapped up by roughly $1 from Friday’s close ($64.37/bbl), trading within the 60c range between $64.35/bbl and $65.63/bbl before rising to $65.65/bbl at 10:40 BST (time of writing). In the news, OPEC+ has announced a modest 137kb/d output increase to be implemented in November. Reuters reported tensions between Russia and Saudi Arabia as the former pushed for modest increases while the latter lobbied for a more aggressive hike. In other news, the Russia defence ministry has claimed to have destroyed 251 Ukrainian drones overnight on Sunday. A fire was reported by RBK-Ukraine media at an oil depot in Fedosia on the Crimean coast, where a fuel tank exploded as a result of the attack; Reuters has been unable to independently verify these claims. Elsewhere, the National Oil Corporation of Libya has said that Italy’s Eni has begun drilling operations offshore after a 5-year break due to the COVID-19 pandemic. Further, a senior company executive of India’s Sahara Group has been cited saying that the conglomerate plans to be producing 350kb/d of crude oil daily in Africa by 2030. Finally, at time of writing, the front-month Dec/Jan’26 and 6-month Dec/Jun’26 spreads are at $0.45/bbl and $0.90 bbl, respectively.
