The Mar’26 Brent futures contract continued to trade in the $60/bbl handle this afternoon, though it has declined from $60.62/bbl at 12:20 GMT to $60.15/bbl at 17:00 GMT (time of writing). In the news, OPEC+ delegates have stated that the organisation is likely to maintain its oil output pause for Q1’26 at its meeting on Sunday, despite rising political tensions over Yemen. Elsewhere, Venezuelan President Nicolas Maduro said that he is willing to accept US investment in the oil sector, collaborate in ending drug trafficking, and engage in serious discussions with the United States. In the same interview, Maduro did not confirm US President Trump’s claim of an attack on a Venezuelan dock allegedly used for drug loading, but suggested that he may discuss the issue in the coming days. In other news, Reuters reports that India has requested its refiners to provide weekly updates on Russian and US oil purchases. Reuters sources reportedly anticipate Russian crude imports to fall below 1mb/d, as India aims to secure a trade agreement with the US. According to the report, New Delhi is seeking relief from the 50% US import tariff rate it is under and hopes that “timely and accurate data” may offer leverage in talks; this data is not yet expected to be made public. Finally, at the time of writing, the front-month (Mar/Apr’26) and 6-month (Mar/Sep’26) spreads are at $0.32/bbl and $0.50/bbl, respectively.
