Russia commenced commercial crude exports from Rosneft’s Vostok Oil project in the Arctic as global Brent prices breached $108 per barrel. Meanwhile, European battery electric vehicle sales surged 52.2% amid record fuel costs, and the European Union warned Washington against restricting diesel exports.
Global market
Global Brent crude prices surged 4.8% to $108.03 per barrel, crossing $108 for the first time since September 16, driven by Middle East escalations and robust demand from Asian refiners. In geopolitics, Iranian Supreme Leader adviser Yahya Rahim Safavi warned that further military strikes could expand the conflict into the Indian Ocean. On consumer markets, European battery electric vehicle sales surged 52.2% in August due to record petrol and diesel prices, according to the European Automobile Manufacturers’ Association (ACEA). In gas markets, China may reduce fuel exports in October as domestic inventories fall to multi-year lows, while South Korea selected a $22.3 billion, 6.3-gigawatt Texas gas-fired power complex to supply US data centers.
Russia & CIS
Rosneft initiated commercial crude exports from its giant Vostok Oil project, loading 250,000 metric tons onto three ice-class tankers at the Bukhta Sever terminal on the Taimyr Peninsula in September. On commodity benchmarks, Russian Urals crude passed $100 per barrel in Baltic ports as discounts narrowed to multi-month lows. In macroeconomic policy, Russia’s Economic Development Ministry projected 2026 gas production at 683.1 billion cubic meters and crude output at 494 million tonnes, while forecasting Brent to average $73 per barrel in 2027. In diplomacy, Russian Foreign Minister Sergei Lavrov met IAEA Director General Rafael Grossi in New York to address nuclear safety concerns.
Armenia
The European Union warned Washington that a potential US diesel export ban would severely damage fuel consumers in both Europe and America, news.am reported. Spikes in global Brent crude above $108 per barrel and the launch of Russian Arctic crude exports received prominent coverage in Armenian media. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports and operations at the Armenian Nuclear Power Plant proceed without disruption under long-term agreements within the EAEU, which shield domestic consumers from global market price volatility recorded by international market price assessments.