The Eurasian Economic Union plans to delay establishing a single market for oil and petroleum products by five years, while repairs to Saudi Arabia’s damaged East-West pipeline could extend for weeks. Concurrently, European benchmark gas prices and crude futures surged amid persistent Red Sea maritime transit risks.
Global market
Saudi Arabia’s East-West crude pipeline repairs following drone strikes could take several weeks, according to AP reports. Infrastructure damage pushed Brent crude futures up by 1.67% to $107.45 per barrel, while WTI held above $103 per barrel. Industry executives noted that depressed LNG demand in China and India will rebound once Middle East tensions ease and prices normalize following Strait of Hormuz disruptions. In maritime contracts, Turkish energy firm BGN signed a time-charter agreement with Japan’s IINO Lines for a 90,000 cbm LPG gas carrier to be built by HD Hyundai Heavy Industries. Meanwhile, Oman LNG confirmed that regional maritime risks will not alter its export commitments.
Russia & CIS
The creation of a unified EAEU oil products market could be delayed from 2025 to 2030, according to proposed tax code amendments in Kazakhstan. Russian integrated oil companies face potential record third-quarter refining margins in 2026, with domestic sales EBITDA rising 67% for diesel to 55,000 rubles per ton and 71% for gasoline to 41,000 rubles per ton, Euler analysts calculated. Novatek Vice Chairman Vladimir Kudrin urged tax regime adjustments for hard-to-recover gas reserves. In regional industrial news, Romanian Cartel Alfa union head Bogdan Hossu warned that 460 companies face bankruptcy if Lukoil’s Petrotel refinery ceases operations. Uzatom Director Azim Akhmedkhadzhayev announced plans to sign nuclear fuel contracts for Uzbekistan’s first NPP by late 2026.
Armenia
Gazprom temporarily suspended natural gas deliveries to Armenia starting September 15 for ten days of scheduled maintenance on the North Caucasus–Transcaucasia pipeline, TASS reported quoting Gazprom Armenia. Uninterrupted domestic gas supplies will be maintained through internal storage reserves and supplemental imports from Iran. Additionally, discussions on postponing the EAEU single oil products market to 2030 extend current national import regulation frameworks. Despite regional transit disruptions and European energy shocks, retail petrol, diesel, and natural gas prices in Armenia remain stable. Domestic energy security is protected by long-term trade agreements under the EAEU, shielding consumers from volatility recorded by international market price assessments.