The Trump-Xi meeting did not impact oil markets, with the upcoming OPEC+ meeting expected to be the next major market driver, likely resulting in a modest output increase.
Geopolitical and economic factors are influencing regional oil markets, with Saudi Arabia expected to cut Asian prices, the US and China temporarily suspending port fees, and India continuing to import Russian crude.
Significant developments in the energy sector include Gunvor acquiring Lukoil’s international assets, Mozambique disputing the budget of a major LNG project, and new oil and gas exploration and production initiatives in Greenland and Colombia.
This report provides an overview of global oil and natural gas market trends, including price changes, production data, and geopolitical developments impacting energy.
The Trump-Xi meeting in South Korea, frequently lauded as a potential icebreaker moment between the United States and China, failed to provide any momentum to oil markets as discussions centered more on fentanyl than crude oil or LNG. As such, this weekend’s OPEC+ meeting is the next trend-setting market for the market at large, even if this time around reports all seem to indicate the same outcome – a 137,000 b/d ‘modest’ increase. Thus, ICE Brent could linger around $65 per barrel for slightly longer.
Saudi Arabia Expected to Cut Prices. The combination of higher Middle Eastern exports and a flattening Dubai futures curve will prompt Saudi Aramco (TADAWUL:2222) to slash its Asian formula prices to multi-month lows, with analysts predicting a month-over-month cut of $1.00 to $1.50 per barrel.
US, China Temporarily Suspend Port Fees. China’s Commerce Ministry announced that Beijing and Washington have agreed to suspend reciprocal port fees that have buoyed shipping markets in recent months, however the Trump administration is still yet to confirm the one-year suspension.
India Never Stopped Buying Russian. India’s largest refiner Indian Oil bought five cargoes of Russian oil for December arrival from non-sanctioned entities this week, equivalent to a 120,000 b/d supply, saying that the company will continue importing Russian barrels if they are in compliance with sanctions.
Gunvor Mops Up Lukoil Assets. Russia’s second-largest oil producer Lukoil (MCX:LKOH) said it had accepted an offer from global trading house Gunvor to buy its international assets, including Iraq’s giant West Qurna 2 oil field (producing 480,000 b/d) and several refineries across Europe.
Mozambique to Dispute LNG Development. The Mozambique government said it would challenge the updated budget and schedule of TotalEnergies’ (NYSE:TTE) 13 mtpa Mozambique LNG project, following reports that costs had risen by 4.5 billion in the four years that it was stalled due to security concerns.
China’s Teapots Come Back to Life. Improved refinery margins and returning downstream capacity have lifted refinery runs in China’s Shandong region to 71% in October, the highest reading in 2025 so far, however many will be forced to curb throughput as Beijing’s crude import quotas are running out.
Nigeria to Tax Fuel Imports. The Nigerian government has approved a 15% import duty on gasoline and diesel, part of its long-standing plan to boost domestic refining as the shaky performance of the 650,000 b/d Dangote refinery didn’t lead to a full halt in imports, still importing 170,000 b/d of gasoline.
Greenland Oil Drilling, Here We Go. According to US oil services firm Sproule, the gross recoverable resources of Greenland are estimated to be around 13 billion barrels with most of those volumes located in the untapped Jameson Basin in the east of the island, spurring drilling interest for 2026-2027.
Brazil Expands into Colombia’s Gas. Colombia’s state-controlled oil firm Ecopetrol (NYSE:EC) has formed a joint venture with Brazil’s Petrobras (NYSE:PBR) to market natural gas from the offshore Sirius block, holding an estimated 6 Tcf of natural gas and believed to start producing by 2029-2030.
Henry Hub Balloons on Surging LNG Exports. As the Henry Hub gas futures started trading December-delivery contracts, the US gas benchmark surpassed the $4 per MMBtu mark and jumped almost 20% from where the November 2025 contract settled on Wednesday, buoyed by robust feedgas demand.
Qatar Locks In More Indian Demand. QatarEnergy signed a 17-year sales and purchase agreement with India’s Gujarat State Petroleum Corporation to deliver 1 mtpa of liquefied gas, with first deliveries starting in 2026 on a delivered ex-ship basis and pricing believed to be near mid-12% of the Brent slope.
Kuwait Floods Asia with More Crude. Kuwait has sold 3 million barrels of extra crude to Asia after an unplanned outage at its giant 615,000 b/d Al Zour refinery, coming after a fire on October 21, lowered the country’s own oil needs, adding to oversupply concerns in the Asian markets.
Doctor Copper Surges Again. Copper is set to log a third straight monthly gain after hitting an all-time nominal high of $11,200 per metric tonne this Wednesday, only to subside towards the end of the week on a stronger dollar, boosted by hedge funds increasing their long positions to a 8-month high.
Credit: Oilprice.com
