The European Commission called on EU member states to enforce mandatory gas and electricity demand cuts, while prices for secondhand oil supertankers surpassed newbuild costs for the first time in history. Meanwhile, Moscow declared its readiness to cover India’s full oil import needs, and Libya restarted refinery operations in Az-Zawiya.
Global market
European Energy Commissioner Dan Jørgensen sent a letter to EU energy ministers calling for mandatory reductions in gas and electricity consumption “for as long as necessary” to prevent acute shortages. In maritime shipping, secondhand oil supertanker prices exceeded newbuild costs for the first time in history due to an acute vessel shortage, the Financial Times reported. In the US, the Environmental Protection Agency (EPA) relinquished authority to regulate power plant greenhouse gas emissions, adding 123 million tonnes of carbon output. Additionally, rebel drone strikes hit an oil storage facility near Wad Madani in Sudan.
Russia & CIS
Russian Ambassador to India Denis Alipov stated that Moscow is ready to supply New Delhi with any required volume of crude oil, expanding long-term partnerships in refining and nuclear energy. In corporate arbitration, the Moscow Arbitration Court scheduled an October 12 hearing for NOVATEK’s Yamal LNG lawsuit seeking $30 million from Baker Hughes unit Baker Hughes Rus Infra under an ICC international arbitration ruling. Meanwhile, Libya’s National Oil Corporation (NOC) restarted refining units at the Az-Zawiya refinery following valve openings on the El Sharara trunk pipeline.
Armenia
Iran’s Deputy Parliamentary Speaker urged regional nations to restrict energy exports to all neighboring states, am.sputniknews.ru reported. Iranian export restriction proposals and the European Commission’s demand rationing calls were closely analyzed by Armenian energy experts. 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 global market volatility recorded by international market price assessments.