The Feb’26 Brent futures contract climbed this afternoon, from $61.58/bbl at 14:30 GMT to $62.18/bbl at 17:00 GMT (time of writing). In the news, the UK government has announced that it will allow new oil and gas production on or near existing fields, easing restrictions but dashing hopes of an early end to windfall taxes on producers. UK oil output has declined from 4.4mb/d in 2000 to around 1mb/d currently, with forecasts of output being under 150kb/d by 2050. New licenses can be granted only if linked to existing fields and infrastructure. The government retained the 38% windfall tax, part of a 78% total tax on high profits, until 2030, with industry warning this may stall projects and jobs. Elsewhere, Reuters has reported that Brazilian state-run oil firm, Petrobras, will see its first cut to its five-year investment plan due to lower oil prices. The plan, under President Luiz Inacio Lula da Silva’s government, is poised to see a 2% drop in its previous $111bn capital expenditure. In other news, Reuters sources have claimed that a Western-sanctioned vessel, the Aframax vessel Tiger 6, has been delayed at a port in eastern India due to insurance verification issues. The vessel was loaded with Russian ESPO oil destined for Indian Oil Corporation; LSEG data showed the vessel floating near the Paradip port this afternoon. Earlier this year, India had tightened insurance rules for ships at its ports as it attempts to target Russian shadow fleets. In Nigeria, Argus has reported that Dangote refinery’s current fuel samples do not meet European standards, due to elevated sulphur and cetane levels. Finally, at time of writing, the front-month Feb/Mar’26 and 6-month Feb/Aug’26 spreads are at $0.36/bbl and $0.45/bbl, respectively.
