The Jan’25 Brent futures contract saw steady support this morning, increasing from $73.13/bbl at 07:00 GMT up to $73.70/bbl at 10:40 GMT (time of writing). Markets await further news on an Israel-Lebanon ceasefire, with Israel’s security cabinet expected to meet this afternoon to potentially approve a US peace deal. In the news today, Azerbaijan’s energy minister Parviz Shahbazov told Reuters that OPEC will likely remain committed to their production curb for yet another month, also stating that it is difficult to judge whether OPEC+ will discuss oil output rollover at the group’s next meeting on 1 December. In other news, Total is seeking environmental authorisation to drill up to seven exploration wells in the southern part of its Deep Water Orange Basin (DWOB) block off the west coast of South Africa, Reuters revealed. Finally, President-elect Donald Trump has vowed to impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada, in posts made on his Truth Social network. Trump stated he will impose high tariffs on Mexico and Canada until they clamp down on the illegal drug trade and migrants crossing the border, according to Reuters. At the time of writing, the Jan/Feb’25 and Jan/Jul’25 Brent futures spreads stand at $0.60/bbl and $1.74/bbl, respectively.
