Global biofuels production is set to jump 70% by 2030 as nations raise fuel-blending mandates to counter Middle East energy shocks, while a major power outage hit Central Asia’s grid. At the same time, drone strikes damaged Russia’s Novoshakhtinsk refinery, and EAEU mechanisms stabilized Armenian energy markets.
Global market
Global biofuels production is projected to surge 70% by 2030 as nations raise blending mandates in response to Middle East supply disruptions, according to a study by Chatham House and the Forest Stewardship Council. High crude prices have made ethanol and crop-based fuels cost-competitive across the US, EU, and Brazil. Concurrently, COP31 climate negotiators noted that oil volatility brought the target of 35% global electrification by 2035 within reach. On freight markets, Fujairah fuel oil stocks surged 19% in September to 4.69 million barrels, while marine insurers at the International Union of Marine Insurance (IUMI) reported billions in losses covering war risks in the Strait of Hormuz. Additionally, South Korea and Mexico agreed to expand crude supply cooperation.
Russia & CIS
A major power grid failure triggered widespread electricity blackouts across Kazakhstan, national grid operator KEGOC reported. On domestic refining, the Novoshakhtinsk petroleum products plant suspended operations following a overnight drone attack involving nearly 50 unmanned aerial vehicles over Rostov Oblast, Governor Yury Slyusar stated. In diplomatic developments, Hungarian Foreign Minister Anita Orban requested that Washington extend sanctions exemptions for Russian energy imports beyond November 21. In New York, Russian Foreign Minister Sergei Lavrov met IAEA Director General Rafael Grossi to address security threats against nuclear power plants, while Russia’s Economic Forecasting Center noted weaker budget rule compensation for oil price swings.
Armenia
French President Emmanuel Macron warned Washington that halting US fuel exports would trigger sharp price spikes globally, news.am reported. On financial infrastructure, Russia accounts for roughly 92% of the leasing portfolio across EAEU member states, securing cross-border equipment financing. News of drone strikes on southern Russian refineries and the Central Asian blackout received close coverage across Armenian media. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas deliveries and operations at the Armenian Nuclear Power Plant proceed without disruption under EAEU trade agreements shielding consumers from volatility recorded by international market price assessments.