A coalition of seven OPEC+ nations has decided to prolong their current oil production quotas into October to maintain global market stability. This milestone regulatory decision comes as Turkey prepares to launch its first nuclear reactor and South Sudan seeks to revitalize its electricity sector through cooperation with Russian energy developers.
Global market
Seven OPEC+ nations will extend their September oil production quotas through October, keeping current supply limits to stabilize global energy prices. The coalition, including Saudi Arabia, Russia, Algeria, Kuwait, Iraq, Kazakhstan, and Oman, chose to defer a previously planned supply increase of 188,000 barrels per day. On the nuclear front, Turkish Energy Minister Alparslan Bayraktar announced that the first unit of the Akkuyu Nuclear Power Plant will begin commercial operations by the end of 2026. Additionally, South Sudan’s Ministry of Energy and Dams announced plans to partner with Russian state company RusHydro to deploy modern technologies and expand electricity output.
Russia & CIS
Russia’s crude oil production quota will remain capped at 9.949 million barrels per day for October under the OPEC+ agreement. In the corporate sector, Rosneft Chief Executive Igor Sechin pledged that the company will maintain stable fuel supplies to gas stations, attributing retail queues to operational issues at competing networks. Meanwhile, experts noted that Ukraine has raised only 1.7 billion dollars of the 6.2 billion dollars needed to prepare its gas reserves for the winter season. On regional infrastructure, a technological failure caused a total blackout across the Kherson region, while a Ukrainian drone strike wounded six civilians at a market in Energodar near the Zaporizhzhia NPP.
Armenia
New EAEU free trade agreements with Mongolia, the UAE, and Indonesia will increase regional trade by 12 billion dollars, creating hundreds of thousands of new jobs, Sputnik Armenia reported. These trade treaties are expected to significantly ease access to highly profitable foreign markets for Armenian exporters. At the same time, regional energy security remains a critical focus as neighboring Turkey and seven other nations condemned Middle Eastern displacement plans. Domestically, Armenia’s retail fuel, petrol, and gas prices continue to remain stable. This price insulation is guaranteed under EAEU treaties, which secure duty-free Russian gas at fixed long-term rates, preventing local prices from being exposed to volatile international market price assessments.