This morning, Jan’26 Brent futures slumped to $63.63/bbl at 07.48 GMT before strengthening to $64.43/bbl at 09.15 GMT, remaining around this level at 09.50 GMT (time of writing). Reuters reported that the Chinese refiner Yanchang Petroleum has suspended imports of Russian oil following new US sanctions on Rosneft and Lukoil. The Shaanxi-based refinery, which typically purchases one monthly shipment of ESPO or Sokol crude, can process 348 kb/d and has an annual import quota of 3.6 mtpa (26 mb). It usually receives shipments via the port of Tianjin, transported inland by rail. Russian owners of Serbia’s NIS oil company are prepared to relinquish control of the firm after new US sanctions, according to Serbian Energy Minister Dedovic Handanovic. Gazprom Neft holds 44.9% of NIS, and Gazprom holds another 11.3%, while Serbia’s government owns 29.9%. The Russian shareholders have reportedly requested that the US Treasury’s OFAC approve their plan to transfer control to a third party. Ukraine’s top military commander, Oleksandr Syrskyi, told the New York Post that Russia has massed around 150,000 troops, including mechanized units and marine brigades, in an effort to seize the city of Pokrovsk. Nigeria’s upstream regulator, Gbenga Komolafe, said 43 new field development plans approved in 2025 could unlock 1.7 billion bbls of oil and 7.7 trillion cubic feet of gas, backed by over $20 billion in investments. Speaking at the NAPE conference in Lagos, he noted this reflects a resurgence in exploration activity and stronger local participation. At the time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are $0.27/bbl and $0.52/bbl, respectively.
