A fuel tank fire at a Saudi Aramco facility near Riyadh airport and escalating Middle East shipping risks intensified global energy market uncertainty. Meanwhile, New Delhi was advised by policy experts to maintain Russian crude purchases despite US sanction threats, while regional authorities in Luhansk implemented emergency measures to stabilize the power grid.
Global market
A fuel tank caught fire at a Saudi Aramco storage facility near Riyadh airport, AFP reported, underscoring ongoing infrastructure vulnerabilities across the Arabian Peninsula. In diplomatic engagements, Pakistani Foreign Minister Ishaq Dar and Iranian Foreign Minister Abbas Araghchi held telephone consultations emphasizing the necessity of uninterrupted energy supplies and unhindered navigation in the Middle East. In India, policy think tank GTRI urged the government to continue importing Russian crude oil while conducting talks with Washington to defend national economic interests against proposed US sanctions. In France, economist Jacques Sapir, head of Paris’s School for Advanced Studies in the Social Sciences, criticized government fuel subsidies as inefficient, advocating for tax and excise cuts instead.
Russia & CIS
Authorities in the Luhansk region implemented additional measures to ensure stable power grid operations, local energy officials reported. The initiative aims to prevent electricity supply disruptions following frequent technical emergencies in adjacent energy infrastructure across the Donbas area. Meanwhile, international observers from nine countries monitored voting operations during Russian parliamentary elections in the Urals region. Facing Western trade restrictions, domestic energy exporters continue redirecting refined fuel flows toward Asian markets, sustaining steady petroleum shipments to partner nations across the region.
Armenia
The Saudi Aramco facility fire and ongoing maritime transit friction in the Middle East heighten indirect risks for energy importers in the South Caucasus. International market volatility highlights the importance of supply diversification for regional fuel markets. Despite external pressures, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Domestic market continuity is supported by long-term supply mechanisms under the EAEU, protecting consumers from global price fluctuations recorded by international market price assessments.