Washington has aggressively moved to replace Russian and Chinese operators in Venezuelan oil fields, sparking an official protest from Beijing. This geopolitical struggle comes as oil prices climb on fresh Middle East tensions, while Russia faces infrastructure setbacks and Armenia shuts down fuel stations.
Global market
Washington granted 14 oil deals to North American Blue Energy Partners (NABEP), a US-backed firm, effectively pushing Russian and Chinese operators out of Venezuelan fields. The US government secures a 35% stake and access to 20% of NABEP’s output at cost. In response, China’s Foreign Ministry spokesperson Guo Jiaqun demanded that US control over Venezuela’s oil must respect Chinese economic interests. Oil prices climbed as Brent crude reached $91.48 per barrel after US President Donald Trump threatened new strikes on Iran. Meanwhile, Europe’s wind capacity buildout grew 30% in the first half of 2026 to 8.8 GW, with Germany contributing 3.4 GW (39% of the total), according to WindEurope.
Russia & CIS
A fire has delayed the launch of the under-construction Amur Gas Chemical Complex, with the cause still unknown, according to Amur Governor Vasily Orlov. This infrastructure setback coincides with severe airspace tensions, as Russian air defense systems destroyed a record 516 Ukrainian drones over 19 regions overnight. To expand nuclear shipping, Rosatom’s CEO Alexey Likhachev announced plans for a new Murmansk shipyard to complete floating nuclear units, requiring tens of billions of rubles. Meanwhile, Turkish media Aydinlik reported that Turkey is falling into a trap of US energy dependency as Washington becomes its top oil supplier, threatening Ankara’s long-term relations with Moscow.
Armenia
Armenian regulators sealed 10 petrol stations owned by Orange Oil and imposed a fine of 9 million drams due to operating violations. Additionally, the Armenian energy regulator held urgent discussions with CJSC Gazprom Armenia to review the reliable and safe operation of the Hrazdan-5 thermal power unit to maintain grid stability. These developments occur as local Brent oil prices rose to $91.46 per barrel, reflecting global maritime crises. Meanwhile, the Eurasian Economic Commission reported that the West’s share in EAEU foreign trade has plunged threefold since 2019 in favor of the Global South, as Armenia continues to rely on duty-free Russian gas imports at fixed rates.