The Jan’26 Brent futures contract slipped this afternoon, from $64.50/bbl at 13:00 GMT to $62.80/bbl at 16:30 GMT (time of writing). In the news, an OPEC report has forecast that global supply in 2026 will match demand, marking a shift from its previous projections of a supply deficit. The report details that the producer group expects global oil demand to rise by 1.3mb/d this year and at a slightly faster rate in 2026. Elsewhere, President Rumen Radev of Bulgaria has vetoed legislation that would enable the government to seize Lukoil’s Burgas refinery and sell it to shield it from US sanctions. In a statement, Radev has said that the application of the law has been expanded dangerously, though parliament may override his veto. In Russia, seaborne oil product exports remained largely unchanged this month compared to September, as refineries completed their seasonal maintenance, according to a Reuters report. While overall volumes were steady this month, particular flows were disrupted due to US sanctions and continued drone attacks. In other news, Reuters has reported that Russia and Kazakhstan have agreed to strengthen their partnership in the oil sector following talks between the nations’ respective presidents. However, no particular details were given during Kazakh President Tokayev’s televised remarks. Finally, at time of writing, the front-month Jan/Feb’26 and 6-month Jan/Jul’26 spreads are at $0.25/bbl and $0.44/bbl, respectively.
