Mar’25 Brent futures softened overnight to below $79.00/bbl at 0700 GMT before seeing some strength this morning to highs of over $79.90/bbl at around 1100 GMT, softening to $79.55/bbl at 1200 GMT at the time of writing. Kazakhstan plans to deliver up to 127,000 tons of oil to Germany through the Druzhba pipeline in January. Saudi Arabia’s crude exports rose to 6.26 mb/d, the highest level in eight months, despite a 2.05% year-on-year decline. Meanwhile, Saudi crude production reached 8.92 mb/d in November, representing a 1.21% y/y increase, according to JODI Data. Turkey showed readiness to expand gas exports to Europe, proposing an increase to up to 10 bcm per year. However, Turkish Energy Minister Alparslan Bayraktar noted that this would require significant investments to enhance pipeline connections with Greece and Bulgaria. Indonesia will exempt oil and gas exporters from a new rule requiring natural resource export proceeds to stay onshore for a year. Set to take effect on March 1, the rule applies to exports worth $250,000 or more. At the time of writing, the Mar/Apr’25 and Mar/Sep’25 Brent futures spreads stand at $0.94/bbl and $4.35/bbl, respectively.
