Global crude benchmarks climbed above $109 per barrel as OPEC sharply raised its 2027 demand forecast, while European gas prices surged back to crisis levels. The market rally allowed state producer Pemex to cut government aid, even as soaring fuel costs put renewed pressure on international transportation networks.
Global market
Brent crude futures surged past $109 per barrel, while average US diesel prices topped $6 per gallon for the first time in history. In its latest monthly market report, OPEC expects global oil demand growth to explode sixfold from 380,000 barrels per day in 2026 to 2.36 million barrels per day in 2027, pushing total consumption to 108.19 million barrels per day. Concurrently, the US Energy Information Administration (EIA) raised its 2027 US crude production forecast to 14.3 million barrels per day. High oil prices prompted Mexico to cut financial aid to state oil firm Pemex by 70%, anticipating a cash surplus of 95 billion pesos ($5.63 billion). Meanwhile, Wood Mackenzie analysts noted that Asia’s AI data center boom is driving a major expansion in regional LNG demand.
Russia & CIS
State gas producer Gazprom warned that European gas hub prices exceeded $1,000 per 1,000 cubic meters, matching peak levels from the December 2022 energy crisis. In domestic production, mining giant Nornickel invested 10 billion rubles to launch five new gas wells at the Pelyatkinskoye field in Taymyr. On commercial markets, Russian traders registered zero OTC oil product transactions during the first ten days of September. To manage expanding grid loads, Russia’s Ministry of Energy proposed constructing AI data centers in Siberia. As commodity prices rallied, the US dollar weakened to 83.94 rubles, while Hungarian Prime Minister Peter Magyar demanded European Union compensation for abandoning Russian oil and gas supplies.
Armenia
Armenia has developed a new algorithmic framework for selecting power plant construction sites, aligning grid capacity with urban development goals, according to news.am. The initiative comes as global crude exceeding $109 per barrel and US diesel topping $6 per gallon increase international logistics costs for importing nations. Despite global commodity price spikes, domestic retail prices for petrol, diesel, and natural gas in Armenia remain stable. The national energy market is protected through long-term bilateral agreements within the EAEU, which shield consumers from volatile international market price assessments.