The Dec’25 Brent futures contract has traded rangebound this afternoon, seeing lows of $65.66/bbl at 12:00 GMT and highs of $66.33/bbl at 15:00 GMT. Prices have eased since then, settling to $65.84/bbl at 17:00 GMT (time of writing). According to Reuters, eight OPEC+ nations are reportedly inclined to implement another modest increase in oil output for December. The group is likely to increase December output targets by another 137kb/d, per Reuters sources. Elsewhere, Hungarian Prime Minister Viktor Orban is set to discuss US sanctions on Russian oil companies with US President Trump next week in Washington. Last week, PM Orban stated that Hungary was actively seeking ways to circumvent US sanctions, though he did not provide any details. This meeting comes as the US has reportedly been increasing pressure on Hungary to cut its reliance on Russian oil imports, according to Matthew Whitaker, the US Ambassador to NATO. In India, the Economic Times has reported that the country’s imports reached 5mb/d last month, a 1.7% increase from August. The report, citing government data, also noted that Russian exports of crude oil to India declined by 8.4% over the last three months amid shrinking discounts. Finally, at time of writing, the front-month and 6-month spreads are at $0.72/bbl and $1.99/bbl, respectively.
