Ice Brent crude futures fell in early Asian trading after China's President Xi Jinping called for the US and Iran to return to their previously negotiated peace agreement.
The Ice front-month November Brent contract was at $105.65/bl at 04:00 GMT, down by 95¢/bl from its settlement on 24 September, when it ended $3.52/bl higher.
The Nymex front-month November crude contract was at $93.08/bl, lower by $1.53/bl from its settlement on 24 September when it ended $2.45/bl higher.
"China supports the return of the US and Iran to the Islamabad Memorandum of Understanding and hopes that both sides will return to the track of dialogue and negotiation to resolve issues as soon as possible," Xi told US President Donald Trump during a meeting at the White House, according to Chinese state news agency Xinhua. The goal of US-Iran negotiations should be "ultimately reaching a comprehensive agreement, including on the nuclear issue, and achieving peace at an early date," Xi said.
The June agreement called for ending the US naval blockade on Iranian trade, easing US sanctions and promising to repatriate frozen Iranian assets, in exchange for Tehran refraining from attacks on shipping in the strait of Hormuz. The agreement lasted barely a month and fell apart as Tehran and Washington vied for control over navigation through Hormuz.
A new round of US attacks on Iran could see the conflict expand as far as the Indian Ocean, a senior military adviser to Iran's supreme leader warned on Thursday, on renewed threats by Trump to "annihilate" the country if diplomacy fails.
Russian crude and condensate production is expected to fall to a 17-year low this year, against a background of infrastructure constraints and widespread refinery outages caused by intensified Ukrainian drone attacks.
Output is forecast at 494mn t (9.88mn b/d) in 2026, down by 3.5pc from 2025, economy minister Maxim Reshetnikov said while presenting the government's updated economic forecast, which will serve as a baseline for the 2027 and 2028-29 federal budgets.
The revised forecast is sharply lower than the previous estimate of 511mn t and would leave Russian production at its lowest since 2009. Output rose steadily from 2009, peaking at 560mn t in 2019, before settling in a 515mn-535mn t/yr range in 2021-25, largely because of Opec+ production limits.
Ice Brent crude futures fell in early Asian trading after China's President Xi Jinping called for the US and Iran to return to their previously negotiated peace agreement.
The Ice front-month November Brent contract was at $105.65/bl at 04:00 GMT, down by 95¢/bl from its settlement on 24 September, when it ended $3.52/bl higher.
The Nymex front-month November crude contract was at $93.08/bl, lower by $1.53/bl from its settlement on 24 September when it ended $2.45/bl higher.
"China supports the return of the US and Iran to the Islamabad Memorandum of Understanding and hopes that both sides will return to the track of dialogue and negotiation to resolve issues as soon as possible," Xi told US President Donald Trump during a meeting at the White House, according to Chinese state news agency Xinhua. The goal of US-Iran negotiations should be "ultimately reaching a comprehensive agreement, including on the nuclear issue, and achieving peace at an early date," Xi said.
The June agreement called for ending the US naval blockade on Iranian trade, easing US sanctions and promising to repatriate frozen Iranian assets, in exchange for Tehran refraining from attacks on shipping in the strait of Hormuz. The agreement lasted barely a month and fell apart as Tehran and Washington vied for control over navigation through Hormuz.
A new round of US attacks on Iran could see the conflict expand as far as the Indian Ocean, a senior military adviser to Iran's supreme leader warned on Thursday, on renewed threats by Trump to "annihilate" the country if diplomacy fails.
Russian crude and condensate production is expected to fall to a 17-year low this year, against a background of infrastructure constraints and widespread refinery outages caused by intensified Ukrainian drone attacks.
Output is forecast at 494mn t (9.88mn b/d) in 2026, down by 3.5pc from 2025, economy minister Maxim Reshetnikov said while presenting the government's updated economic forecast, which will serve as a baseline for the 2027 and 2028-29 federal budgets.
The revised forecast is sharply lower than the previous estimate of 511mn t and would leave Russian production at its lowest since 2009. Output rose steadily from 2009, peaking at 560mn t in 2019, before settling in a 515mn-535mn t/yr range in 2021-25, largely because of Opec+ production limits.
By YouLiang Chay