Daily Morning Brief

Iraq’s state tanker company arranged a VLCC to transport crude beyond the Strait of Hormuz for the first time in decades, shifting its marketing strategy outside the Persian Gulf. This aims to secure better prices and reach refiners avoiding the strait amid disruptions.

German Chancellor Friedrich Merz visited Kyiv to reinforce support for Ukraine, highlighting ongoing attacks on Russian oil refineries and pipeline networks. He noted joint technology development between German and Ukrainian firms to enhance security and resilience.

OPEC+ agreed in principle to maintain November oil output targets despite Middle East export disruptions. Core members pump below prewar levels, pushing capacity review decisions to 2027.

Russia vowed to intensify strikes on Ukrainian infrastructure, prompting President Zelenskyy to threaten retaliatory attacks on Russian oil refineries. Moscow also warned diplomats of danger after strikes damaged a pharmaceutical warehouse and key transport bridges.

OPEC+ delegates plan to maintain current oil production quotas for November amid Middle East conflicts impacting output. Oil futures near $100 per barrel as the alliance awaits an audit of members' capacity before setting next year's policy.