Mar’26 Brent futures slumped to around $61.30/bbl at 08.28 GMT after moving around $61.60/bbl overnight. The contract then reached $62.15/bbl at 09.02 GMT and softened to $61.93/bbl at 10.10 GMT (time of writing). The Trump administration is expected to hold talks later this week with US oil executives on increasing Venezuelan oil output following the ouster of President Nicolas Maduro by US forces, according to a source familiar with the plans. Non-oil business activity across the UAE, Kuwait and Egypt expanded further in December, supported by rising new orders and steady demand, according to S&P Global. The UAE’s PMI eased slightly to 54.2 but remained firmly in expansion territory, while Saudi Arabia led the region with a reading of 57.4, reflecting strong growth in orders, activity and employment. Reliance Industries said it has not received any Russian crude cargoes in nearly three weeks and does not expect any deliveries in January, dismissing media reports claiming shipments were headed to its Jamnagar refinery. The company reiterated that it stopped processing Russian crude at its export-oriented SEZ refinery in November 2025 to comply with EU sanctions, while noting that other oil firms also use Sikka port. India’s Russian oil imports are set to drop sharply in January after Reliance Industries said it expects no Russian crude deliveries during the month. The move follows US pressure and could push imports below 1 mb/d, with supplies largely limited to state-run refiners and Nayara Energy. China’s Hengyi Petrochemical will proceed with a long-planned expansion of its Brunei oil refinery, more than doubling capacity and increasing competition in global fuel and plastics markets. The company announced that it will launch the second phase of its Pulau Muara Besar refining and petrochemical complex, which has been operational since 2019, with construction targeted for completion by the end of 2028. Finally, the front-month (Mar/Apr’26) and 6-month (Mar/Sep’26) spreads are at $0.43/bbl and $1.06/bbl, respectively.
