The Oct’25 Brent Futures fell from $71.82/bbl at 13:42 BST to $69.63/bbl at 17:15 BST (time of writing). In the news, OPEC+ is expected to approve another oil output increase at their upcoming meeting on Sunday, though the size of the hike for September is still being debated. Sources suggest the group could raise production by up to 548kb/d, matching August’s increase, though a smaller hike is also possible. This would complete the reversal of earlier 2.2 mb/d cuts. OPEC+ has accelerated output hikes since April to counter low global inventories, shifting from years of cuts to regain market share and respond to US demands for more supply. In other news, at least two vessels carrying Russian oil to India have diverted to other destinations following new US sanctions, trade sources and LSEG data show. The sanctions target over 115 Iran-linked entities and ships involved in transporting Russian oil. The diversions highlight growing disruptions to Russian oil shipments as Western sanctions tighten to curb Moscow’s war revenue. India faces rising challenges to its imports amid US President Donald Trump’s threats of 100% tariffs on countries buying Russian crude. Exxon Mobil reported second-quarter profits above Wall Street expectations as higher oil and gas output and low production costs offset weaker crude prices. The company posted adjusted earnings of $7.1 Bn, or $1.64 per share, beating forecasts of $1.56. Production rose to 4.6 mb/d, the highest second-quarter level since in over 25 years. CEO Darren Woods said Exxon remains open to acquisitions but will only pursue deals that add value, citing potential opportunities in the Permian basin. Finally, the front-month Oct/Nov and 6-month Oct/Apr’26 spreads are at $0.96/bbl and $2.76/bbl respectively.
