The Nov’25 Brent Futures contract dropped in just over a minute in a huge $0.65/bbl move down to $65.54/bbl at 13:53 BST. Prices continued falling throughout the afternoon and at 17:20 BST (time of writing) were trading at $65.16/bbl. The drop in price comes as Saudi Arabia pushes OPEC+ to bring forward a planned production increase, potentially restoring 1.66 mb/d of withheld output earlier than the late 2026 schedule. The proposal will be discussed in an OPEC+ ministerial video call this weekend and marks a shift toward regaining market share after months of defending prices. In the news, India will continue purchasing Russian oil as long as it remains cost-effective, Finance Minister Nirmala Sitharaman said. Despite pressure from Washington over its energy ties with Moscow, India maintains that its purchases help balance global markets. Sitharaman emphasized India’s sovereign right to choose suppliers based on price and logistics, noting oil and refined fuel make up a quarter of the country’s imports. US officials have urged India to resume trade talks and align with the dollar, warning of long-term consequences if it continues its current path. In other news, Russian President Putin confirmed that the Power of Siberia 2 gas pipeline to China is moving forward, calling it a “mutually beneficial project” with pricing to be based on a market formula similar to Europe’s. Russia and China signed a binding memorandum on the pipeline during Putin’s recent visit to Beijing, though final pricing has yet to be set. Gazprom aims to begin deliveries by 2030. Finally, the front-month Nov/Dec spread is at $0.37/bbl and the 6-month Nov/may spread is at $0.83/bbl.
