Europe & Africa Market Update 7 Nov 2025

Conventional fuel prices in Europe and Africa have remained steady, and prompt supplies are proceeding normally off Malta.

IMAGE: Tankers during a bunker operation off Malta. Getty Images

Changes on the day to 09.00 GMT today:

• VLSFO prices up in Rotterdam and Durban ($2/mt), and down in Gibraltar ($1/mt)
• LSMGO prices up in Rotterdam and Gibraltar ($3/mt)
• HSFO prices up in Rotterdam ($1/mt), and down in Durban ($2/mt) and Gibraltar ($1/mt)
• Rotterdam B30-VLSFO premium over VLSFO up by $12/mt to $285/mt
• Gibraltar B30-VLSFO premium over VLSFO up by $10/mt to $341/mt

Most prices in the three major ports have moved within a thin range over the past day.

Meanwhile, the LSMGO price off Malta has shown a significant spike, having jumped by $19/mt in a single session. A higher-priced 150-500 mt stem, fixed at $756/mt, has provided support to the benchmark. Consequently, the price is now at a $8/mt premium over Gibraltar’s LSMGO, compared to yesterday, when it was at a $8/mt discount.

Availability is normal off Malta, with most suppliers able to deliver HSFO, VLSFO, LSMGO and ULSFO fuel grades in 2-4 days, a trader told ENGINE.

North-western wind gusts of around 25 knots and waves of up to 2.5 meters are forecast off Malta on 10 October, which may lead to suspension of some supplies, especially in bunkering areas 3 and 6, which are directly exposed to winds from that direction.

Brent

The front-month ICE Brent contract has lost by $0.16/bbl on the day, to trade at $64.07/bbl at 09.00 GMT.

Upward pressure:

Brent crude has held some ground this week amid concerns of potential supply disruptions, as Western nations continue to tighten sanctions on Russia.

In October, the US Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned Rosneft and Lukoil, along with 34 of their subsidiaries.

Rosneft and Lukoil are Russia’s two largest oil producers, producing around 50% of the country’s total oil production, according to ING Bank’s head of commodities strategy, Warren Patterson.

“Successfully restricting these flows could dramatically change the outlook for the oil market,” Patterson said.

Downward pressure:

Eight members of the OPEC+ coalition have collectively decided to increase supply again by 137,000 b/d in December, marking the eighth consecutive month that the Saudi Arabia-led group has planned to hike production.

Saudi Arabia will produce around 10.1 million b/d in December – largely matching November’s figures. Russia will produce 9.6 million b/d, while Iraq and the UAE will produce 4.3 million b/d and 3.4 million b/d respectively, the OPEC secretariat said.

The decision has put downward pressure on Brent’s price, as signals of further supply additions typically pressure the market in an already oversupplied environment.

“For now, our balance sheet continues to show a significant surplus in 2026, which should keep downward pressure on prices,” Patterson added.

By Nachiket Tekawade and Aparupa Mazumder

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