Update24 Oct 2025 17:42
Friday, October 24, 2025
Trump’s sanctions on Russia’s top oil firms have cut short the past weeks’ downward pricing movement, with stories of record high crude on water, flattening backwardation curves and weakening Chinese SPR purchases now all put on the back burner. With ICE Brent soaring to $66 per barrel, up $5 per barrel in just one day, Thursday’s rally failed to trigger incremental moves upwards on Friday as the oil markets now anticipate any changes in Indian and Chinese buying behaviour.
Trump Sanctions Russia’s Oil Giants. US President Trump imposed sanctions on Russia’s two largest oil producers Rosneft and Lukoil, sending geopolitical risk premiums soaring as the move marks the first direct Russia sanctions of the Trump administration, putting some 3.1 million b/d oil exports at risk.
Europe Bows Down to LNG Pressure. The European Parliament agreed to review its sustainability rules, after the United States joined Qatar in opposing Europe’s corporate sustainability directive (CSDD), saying that unless Brussels changes the text, it would have unintended consequences for LNG imports.
‘Indonesian’ Oil Is Still in Vogue. As Iranian and Venezuelan tankers shifted away from Malaysia’s territorial waters for ship-to-ship transfers, Chinese imports of Indonesian-origin crude remained elevated last month at 520,000 b/d (compared to just 3,000 b/d for the whole of 2024).
Brussels Mulls China Countermeasures. The European Commission is preparing a list of trade measures to be enacted against China in case Beijing’s export controls on rare earth materials continue, leveraging potential trade chokepoints such as aviation parts or specialty steel products.
Egypt Needs Gas, Now. Having diverted as many as four LNG cargoes last month, Egypt is now seeking to bring forward its contracted shipments of liquefied gas after Israel’s Tamar gas field announced it would be shutting down for a 12-day maintenance, curbing pipeline flows from Israel to Egypt.
Brazil Wins Tax Case Against Majors. The International Chamber of Commerce has sided with Brazil’s oil regulator ANP in its arbitration case with a consortium of oil majors comprising Petrobras and Shell, allowing the Latin American country to keep $4.1 billion in tax payments from the Tupi field.
CP2 Greenlit, Only for the Unfriended. US Secretary of Energy gave LNG developer Venture Global (NYSE:VG) the final approval to export LNG from the Calcasieu Pass 2 plant, with the caveat that the supplies are delivered to countries that do not have a free trade agreement with the United States.
Rio Eyes Asset Swaps to Ease China Pressure. Australia’s mining giant Rio Tinto (NYSE:RIO) is considering an asset-for-equity swap with its stakeholder, China’s Chinalco state firm that owns a 11% stake in the company, to ease long-standing governance constraints and pursue new strategic deals.
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