The Brent Futures prompt contract has seen a volatile morning, opening around $90.60/bbl before oscillating from lows of $90.40/bbl up to highs of $90.93/bbl at 08:50 BST. In the news today, Mexico’s state-owned energy company Pemex announced its intention to reduce crude oil exports by 330 kbpd next month. This reduction represents one-third of Mexico’s total oil exports and the decision comes as the company redirects more supply to domestic refineries. Earlier this month, Pemex cut oil exports by 436 kbpd to support the increasing activity of Mexican refineries, including the newly operational Dos Bocas facility, which is expected to process around 179 kbpd this year. In a separate development, the New Zealand government is planning a ban on the import of internal combustion engine vehicles by 2040 as part of its efforts to achieve net-zero emissions. A draft document from the country’s Climate Change Commission suggests that transitioning to electric vehicles is crucial for decarbonizing transport, aiming for nearly all vehicles entering the country to be electric by 2035. The prompt and 6-month Brent futures spreads are $0.99/bbl and $5.29/bbl, respectively.
