A newly established Nigerian mega-refinery has outpaced US competitors in shipping jet fuel to the European Union as global oil benchmarks slide on hopes of Hormuz transit negotiations. This supply-side shift occurs alongside mounting operational disruptions, including a major refinery fire in Slovakia and typhoon-related port closures in China.
Global market
In July, the mega-refinery owned by Nigerian billionaire Aliko Dangote exported more than 400,000 metric tons of aviation fuel to the EU, outstripping US competitors. This supply-side milestone occurred as Saudi Arabia, Pakistan, and Turkey prepared to sign a joint defense cooperation agreement in Jeddah during an official visit by Turkey’s President Recep Tayyip Erdogan. Concurrently, September WTI crude futures fell 10.05% for the week to $78.08 per barrel (with a weekly range of $74.24 to $82.33) as traders weighed potential Oman-mediated diplomatic breakthroughs regarding the Strait of Hormuz. However, actual shipping through the chokepoint dropped sharply from 50 to 33 transits week-on-week.
Additionally, India’s Oil and Natural Gas Minister Hardeep Singh Puri reported to Parliament that domestic crude production fell by 3% in the 2025/2026 fiscal year, leaving the country dependent on imports for 90% of its oil consumption. In marine logistics, major Chinese ports, including the bunkering hub at Zhoushan, suspended operations due to Typhoon Dolphin, while an environmental crisis looms off Oman as a disabled Russian shadow fleet tanker leaked crude oil near a nature reserve.
Russia & CIS
In the CIS, Kazakhstan’s state oil company KazMunayGas head Askhat Khasenov formally admitted that the nation has no viable alternative to the Caspian Pipeline Consortium (CPC) for its oil exports. Nonetheless, Astana plans to expand its oil shipments through the Baku-Tbilisi-Ceyhan (BTC) pipeline by 31% as it continues to seek alternative routes. Elsewhere, a major fire broke out at the Slovnaft Refinery in Bratislava, sending heavy smoke over the Slovak capital.
To the east, Mongolia resolved to establish emergency food reserves due to severe disruptions in Russian gasoline imports. To the west, Moldova’s President Maia Sandu urged citizens to cut power use to avert rolling blackouts amid regional energy deficits.
Armenia
Addressing the EAEU Intergovernmental Council in Cholpon-Ata, Armenian Prime Minister Nikol Pashinyan emphasized that strengthening ties with EAEU partners is an absolute priority for Yerevan. This integration gains momentum as Eurasian Economic Commission’s Trade Minister Andrey Slepnev confirmed that the economic partnership agreement between the EAEU and the UAE will enter into force on October 6, 2026.
Regionally, Turkish Energy Minister Alparslan Bayraktar revealed that European countries have pressured Ankara to certify that transit gas is not of Russian origin, a demand he called technically impossible due to physical blending. For Armenia, EAEU-wide energy cooperation provides a critical buffer against extreme European supply volatility—where natural gas storage has plummeted to 58.1% (down from 70% last year)—protecting domestic utility tariffs from soaring international market price assessments.
📊 I can generate a structured economic chart comparing the rise of Nigerian jet fuel shipments to the EU against declining US exports over the past year.