QatarEnergy extended force majeure on LNG deliveries to Europe and Asia through November, while Russia prepared to prolong its diesel export ban by another month. Concurrently, the US Strategic Petroleum Reserve dropped to a 44-year low, and Rosatom launched a new nuclear reactor unit at China’s Tianwan plant.
Global market
State-owned QatarEnergy extended force majeure on LNG deliveries to Asian and European buyers through late November due to the ongoing shipping blockade in the Strait of Hormuz, notifying importers including Italy’s Edison. Meanwhile, elevated freight rates closed the Atlantic-Pacific arbitrage, diverting spot US LNG cargoes to Europe, where imports lagged year-ago levels by only 4%. In crude markets, the US Strategic Petroleum Reserve (SPR) fell to its lowest level since October 1982. Additionally, US and Chinese officials agreed to a two-month trade truce extension until January 10, 2027, following talks in Washington, while Colombian President Abelardo de la Espriella proposed reintroducing hydraulic fracturing to stem declining oil production.
Russia & CIS
The Russian government is preparing to extend its export ban on diesel fuel for producers by an additional month until the end of October, TASS reported citing official sources. In energy payments, Russian President Vladimir Putin signed a decree authorizing foreign buyers to pay for Russian gas through financial institutions other than Gazprombank. In nuclear energy, state corporation Rosatom announced the physical launch of the 1,000 MW reactor at Unit 7 of the Tianwan Nuclear Power Plant in China. Meanwhile, Gazprom Neft and the Ministry of Industry and Trade continued developing a National Industrial Automation Platform, projecting market demand worth billions of roubles.
Armenia
QatarEnergy’s decision to extend its LNG force majeure and Moscow’s pending extension of diesel export limits dominated regional energy analysis, news.am reported. In regional trade, Italian Prime Minister Giorgia Meloni thanked Azerbaijani President Ilham Aliyev after SOCAR agreed to reduce fuel prices in Italy. 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 reliably under long-term EAEU trade agreements shielding domestic consumers from global price volatility recorded by international market price assessments.