India committed to continuing diesel exports to mitigate a global fuel crunch, while Strait of Hormuz tanker transits dropped to single digits and supertanker freight rates hit a record $1.27 million per day. Meanwhile, Tatneft raised crude output by 6.7%, and Brussels urged Washington against restricting fuel exports.
Global market
India will maintain diesel exports to meet global demand, Indian Oil Minister Hardeep Puri announced, noting national refining capacity will expand from 5.36 million barrels per day (bpd) to 5.8 million bpd next year and 6.4 million bpd by 2032. Amid Middle East tensions, daily commodity tanker transits through the Strait of Hormuz plunged to just 9 vessels, while supertanker (VLCC) charter rates surged to a record $1.27 million per day as ship-to-ship transfer capacity off Oman reached its limits. Consequently, Brent crude traded at $105.65 per barrel, heading for a weekly gain, while West Texas Intermediate stood at $93.11 per barrel.
Russia & CIS
Tatneft increased first-half crude production by 6.7%, though petroleum product output declined 9.6%, with shareholders approving dividends of 32.88 rubles per share. Concurrently, the Russian Cabinet extended investment agreements for refinery modernization. In petrochemicals, Nizhnekamskneftekhim boosted naphtha processing by 31.6%. In regional energy, Turkey plans to double Black Sea gas production, according to official statements. Following an outage at the Neryungri power plant, grid operations normalized, with the second unit scheduled to restart October 10. Additionally, Port Alliance directed 10.8 million tonnes of thermal coal to China.
Armenia
EU Energy Commissioner Dan Jørgensen urged Washington not to ban diesel exports ahead of a difficult winter, news.am reported. Reports of drone strikes on refineries in Perm and Rostov Oblast, alongside Brent crude adjusting to $105.67 per barrel, were widely covered 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 long-term trade agreements within the EAEU, shielding domestic consumers from global price fluctuations recorded by international market price assessments.