The Jan’26 Brent futures contract has marginally risen this afternoon, from $64.23/bbl at 13:00 GMT to $64.37/bbl at 17:00 GMT (time of writing). In a Bloomberg TV interview, US Energy Secretary Chris Wright stated that the US is prepared to increase oil and gas exports to China if the country reduces its Russian energy purchases. Elsewhere, according to a presidential memo seen by Reuters, Nigeria has imposed a 15% import duty on petrol and diesel. According to Reuters, the Nigerian government aims to safeguard its investments in local refining by limiting the entry of cheaper fuel. Its state-owned oil company, NPCC, is also reportedly seeking to revive three state refineries (combined capacity of 445kbd) that have been idle for years. The Warri, Port Harcourt, and Kaduna refineries are undergoing technical and commercial review by NNPC, according to group CEO Bashir Bayo Ojulari via X. In other news, Chinese offshore crude and gas producer CNOOC Ltd has reported a 12.2% decline in net profit for Q3 y/y; PetroChina has also reported a fall in Q3 net profits, down 3.9% y/y, per Reuters. Finally, at the time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are at $0.45/bbl and $0.71/bbl, respectively.
