State-owned Saudi Aramco notified European customers that it will completely cancel October crude oil deliveries due to severe maritime logistics disruptions in the Persian Gulf. Meanwhile, Gazprom shares rallied 4.7% in Moscow on reports of prospective gas transit talks with Germany, while Armenia’s utility regulator conferred with IMF officials on electricity tariff policy.
Global market
Saudi Aramco notified European buyers of full cancellations for October crude shipments, Bloomberg reported, following transit blockades in the Persian Gulf where the Panama-flagged tanker MT El Gaia was struck off Oman. To mitigate losses, Riyadh arranged 60 million barrels of crude from Ras Tanura for ship-to-ship transfers at Sohar. On futures markets, WTI crude traded at $96.35 per barrel, while European wholesale gas prices rose 2.7%. In response to escalating energy costs, the German Social Democratic Party urged a fuel price cap, while French President Emmanuel Macron announced plans to fill domestic gas storage to 80% before winter. Meanwhile, Slovakia’s gas storage levels reached 52.97%.
Russia & CIS
Gazprom shares on the Moscow Exchange surged 4.7% to 97.24 rubles, driven by market speculation regarding potential negotiations over resuming gas supplies to Germany, Kommersant reported. In agriculture, Russian Agriculture Minister Oksana Lut stated that domestic farmers face no fuel shortages, with petroleum supplies under constant government supervision. However, analysts at Sber estimated that secondary fuel price effects will add 0.8 percentage points to 2026 inflation. In Krasnodar Krai, emergency crews fully extinguished a fire at the Slavyansk refinery caused by a drone strike on September 13. Concurrently, the Russian Foreign Ministry reaffirmed that Russia will continue securing the Zaporizhzhia Nuclear Power Plant.
Armenia
Public Services Regulatory Commission Chairman Garegin Baghramyan met with International Monetary Fund representatives to discuss electricity tariff policy, according to news.am. The consultations focused on maintaining energy sector financial sustainability amid international market volatility. Saudi Aramco’s cancellation of crude shipments to Europe adds indirect cost pressures across regional energy importers. Nevertheless, retail petrol, diesel, and natural gas prices in Armenia remain stable, supported by long-term supply mechanisms under the EAEU that insulate domestic consumers from price fluctuations recorded by international market price assessments.