Apr’25 Brent futures initially saw small strength this morning, increasing from $74.50/bbl on 0600 GMT up to a touch under $74.90/bbl at 0910 GMT, but has since fallen to $74.10/bbl at 1025 GMT (time of writing). Crude oil prices have continued to face bearish pressure after President Trump’s peace deal talks between Russia and Ukraine on Wednesday. In the news today, Russia’s commercial revenues from the sale of crude oil and oil products in January rose by $900 million m/m to $15.8 billion, with export volumes stable despite US sanctions, according to the IEA. In other news, Norwegian oil and gas investments this year are projected to exceed the record levels of 2024, a national statistics office industry survey showed. The survey forecast 2025 investment at 253.8 billion crowns, up from 251.2 billion crowns last year, driven by plans to invest more in producing fields, new developments and onshore facilities. Finally, Chevron is set to reduce up to 20% of its global workforce by the end of next year, which could affect 8000 jobs. Chevron is looking to reduce costs after the megadeal that will see the company combine with Hess Crop, as per Reuters. At the time of writing, the Apr/May’25 and Apr/Oct’25 Brent futures spreads stand at $0.28/bbl and $2.22/bbl, respectively.
