Saudi Arabia sold 100 million barrels of crude via the Strait of Hormuz after its Red Sea pipeline went out of service, while European natural gas prices rose 4% amid persistent transit bottlenecks. Meanwhile, Armenia signaled willingness to purchase natural gas from Azerbaijan.
Global market
Saudi Arabia sold nearly 100 million barrels of crude to Asian buyers via the Strait of Hormuz for October and November delivery, trade sources reported, after its East-West pipeline to the Red Sea went out of service. In European gas trade, benchmark Dutch TTF natural gas prices jumped 4% to $84.30 per megawatt-hour (€74) as the US-Iran standoff blocks LNG shipments. Shipping data showed only 10 commodity vessels transited the Strait of Hormuz on Wednesday, well below the 10-day average of 17 vessels. Meanwhile, the US government offered up to $6 billion in loans for Argentina’s first LNG export project, led by YPF alongside Eni and XRG under the Andes-Atlantic Corridor.
Russia & CIS
Russia’s Economic Development Ministry projected 2026 domestic oil production at 494 million tonnes, adjusting macro forecasts to account for reduced pipeline gas exports to the European Union. In gas infrastructure, construction of the Belogorsk–Khabarovsk gas pipeline surpassed 90% completion, connecting directly to the Sakhalin–Khabarovsk–Vladivostok trunk line. On financial markets, the Bank of Russia expects domestic fuel supplies to fully recover in 2026 and inflation to decelerate to 4% by 2027. In corporate performance, producer RussNeft reported a 2.7% decline in first-half crude output to 2.961 million tonnes, while utility TGK-2 increased electricity generation by 2.5% to 4.77 billion kilowatt-hours.
Armenia
Secretary of the Security Council of Armenia Armen Grigoryan announced that Armenia is prepared to buy natural gas from Azerbaijan if feasible, noting that gas pricing remains a political factor. In diplomacy, Kremlin spokesman Dmitry Peskov urged Armenia to clarify its participation framework regarding the EAEU or European Union, while Russian Deputy Foreign Minister Mikhail Galuzin met Armenian Ambassador Gurgen Arsenyan. Regulators in Armenia, Azerbaijan, and Georgia also evaluated regional power grid integration. Meanwhile, retail prices for petrol, diesel, and gas in Armenia remain stable. Natural gas supplies and Armenian Nuclear Power Plant operations proceed without disruption under EAEU agreements shielding consumers from volatility recorded by international market price assessments.