US Energy Secretary Chris Wright reported a sharp drop in daily oil transit through the Strait of Hormuz to nearly 13 million barrels per day, while the International Gas Union warned of a global gas squeeze lasting through summer 2027. Concurrently, Libya resumed oil pipeline operations from the El Sharara field, and Moscow held energy talks with Baku.
Global market
Global natural gas supply is projected to remain constrained until at least summer 2027, according to the International Gas Union (IGU), threatening prolonged demand destruction across Europe and Asia. In North Africa, Libya’s National Oil Corporation (NOC) resumed crude oil pumping along the pipeline from the El Sharara field to the Az-Zawiya port, with supply volumes gradually recovering. Meanwhile, Brazil expanded renewables to 50% of its national energy mix while simultaneously increasing crude oil and gas production to boost regional energy security.
Russia & CIS
Daily oil transit through the Strait of Hormuz fell to nearly 13 million barrels per day (bpd), down from peak volumes exceeding 20 million bpd days earlier, stated US Energy Secretary Chris Wright. In European political developments, Alexandru Dimitriu, an MP from the Save Romania Union, accused Chamber of Deputies Speaker Sorin Grindeanu and former Energy Minister Bogdan Ivan of treason over negotiations with the US. Meanwhile, corporate energy trading and pipeline operations across the region maintained planned schedules.
Armenia
Azerbaijani Deputy Prime Minister Shahin Mustafayev and Russian Deputy Prime Minister Alexander Novak held bilateral talks in Baku on energy, transport, and logistics, news.am reported. These regional transport-energy discussions and the IGU’s global gas shortage forecasts were closely followed by Armenian market analysts. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas supplies and operations at the Armenian Nuclear Power Plant proceed without disruption under long-term EAEU trade agreements shielding domestic consumers from market volatility recorded by international market price assessments.