The November Brent Futures contract initially saw a strong open, rallying up from $66.20/bbl to $66.90/bbl at 09:45 BST, before quickly retracing the gains and printing at $66.48/bbl at the time of writing (10:50 BST). In headlines, Kurdistan has lost over $28 billion since March 2023 due to a halt in oil exports amid a dispute between the Kurdistan Regional Government, Baghdad, and Turkey over export authorisation, according to KRG foreign relations head Safin Dizayee. Exports of around 400 kb/d were suspended two and a half years ago, and despite some progress between Baghdad and Ankara, a final deal with Kurdistan remains elusive, raising security concerns for the region. Meanwhile, Chevron outlined a diversified refining and petrochemicals strategy at an APPEC conference, with heavy investment planned in petrochemicals and heavy oil upgrading in South Korea, while opting for leaner operations in Singapore. The US supermajor has been restructuring to cut costs, consolidating its oil, products & gas business into two segments and announcing layoffs of 15–20% of its global workforce, including 800 jobs in the Permian, as part of a broader plan to streamline operations and focus on higher-return assets. At the time of writing, the front month (Nov/Dec) and 6-month (Nov/May) Brent spreads are at $0.34/bbl and $0.96/bbl, respectively.
