The European Union is evaluating a one-year postponement of methane emissions rules for imported oil and gas to mitigate winter fuel supply shortages, as German Chancellor Friedrich Merz signaled Berlin’s intent to boost Kazakh crude imports. Meanwhile, retail fuel prices in Armenia touched new record highs as analysts warned of a prolonged high-price period.
Global market
EU Energy Commissioner Dan Jorgensen confirmed Brussels is considering delaying methane reporting rules for imported oil and gas by one year to 2028 to avoid exacerbating winter energy shortages. In LNG developments, a Shell-led consortium reached a final investment decision on Phase 2 of LNG Canada in Kitimat, doubling export capacity in the early 2030s. In corporate finance, Nigeria’s Dangote Refinery launched marketing for a $1.6 billion IPO valuing the plant at $47 billion, aiming to attract 10 million retail investors. Concurrently, energy ministers from Spain, Portugal, and Luxembourg urged the EU to establish 2040 renewable energy targets to reduce vulnerability to Strait of Hormuz supply shocks.
Russia & CIS
German Chancellor Friedrich Merz declared Berlin’s high interest in expanding crude oil imports from Kazakhstan as Germany continues diversifying energy supply chains away from Russian resources. In diplomatic talks, Russian Presidential Special Representative Kirill Dmitriev met with US Treasury and Energy Department officials in Washington to discuss economic cooperation. Meanwhile, Bloomberg reported EU underground gas storage is filled to just 70%, marking a 15-year low for late September against a seasonal average of 87%. In aviation, Ryanair CEO Michael O’Leary warned ticket prices could rise 15-20% in summer 2027 due to sustained high oil prices.
Armenia
Retail petrol and diesel prices in Armenia reached record highs, with industry experts warning the inflationary period will be significantly longer than the 11-12 month surge in 2022, am.sputniknews.ru reported. Analysts noted lingering global market instability continues to transmit price pressure to the domestic market. Nevertheless, natural gas deliveries and operations at the Armenian Nuclear Power Plant remain stable. Long-term EAEU trade framework agreements shield domestic energy consumers from sharp volatility recorded by international market price assessments.