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Oil Prices Spike as Russian Exports Disrupted by Sanctions
13 Nov
Summary
- Oil prices rise due to new U.S. sanctions on Russian oil
- Asian LNG buyers reduce spot purchases, build up inventories
- Exxon enters Greek offshore block, Pemex makes oil discovery in Mexico
As of November 13th, 2025, oil prices have gained due to new U.S. sanctions that have disrupted Russian oil exports. This winter's LNG markets, however, are unlikely to see the same tightness as last year, as key Asian buyers have built up sufficient inventories ahead of the fourth quarter and have minimized spot purchases.
South Korea, which imported a record 5 million tonnes of LNG in August, has been winding down its imports in recent months due to ample stocks. Similarly, Chinese LNG imports were 15% lower year-over-year in October, totaling just 5.5 million tonnes. Japan's warming season also started later than usual this year, with average October temperatures reaching 17°C, 2°C above historical norms.
In other news, U.S. oil major ExxonMobil has agreed to farm into Greece's offshore Block 2 license, taking a 60% operated interest. Additionally, Mexico's state oil firm Pemex reported an oil discovery with its Xomili-1 exploration well in the offshore Sureste Basin, reaching an initial production rate of 1,670 barrels per day of light oil.
