The US Department of Energy announced a tender for 40 million barrels of crude from its Strategic Petroleum Reserve to stabilize fuel markets, while seven OPEC+ nations agreed to maintain maximum production levels in November. Meanwhile, Rosatom detailed a proposal to build a new 1 GW reactor unit at Armenia’s Metsamor site as European gas and power costs remain elevated.
Global market
The US Department of Energy announced a tender to release 40 million barrels of crude oil from the Strategic Petroleum Reserve (SPR), sourcing supplies from the Bryan Mound and Big Hill sites in Texas under a directive from US President Donald Trump. The release represents the final tranche of the 172 million barrels pledged to an International Energy Agency (IEA) emergency release. Meanwhile, Brent crude fell 1.5% to $103.72 per barrel and WTI dropped 2.2% to $90.62 per barrel as Middle East crude exports recovered to 15.5 million barrels per day. To ease fuel pain, the White House is considering opening tax-free red-dyed agricultural diesel to commercial trucks, while Iran threatened to target Middle East energy infrastructure if its own oil security is not guaranteed.
Russia & CIS
Seven OPEC+ nations, including Russia and Saudi Arabia, confirmed plans to maintain maximum oil production levels in November, industry sources reported. In global economics, an IMF report noted the Middle East conflict has blocked nearly a quarter of global oil supplies, forcing a major rerouting of international trade flows. In maritime developments, Somali pirates released the Togo-flagged oil product tanker MT Eureka, which had been held since May 2. Meanwhile in Europe, Spanish energy analysts warned that halting Russian LNG imports would inevitably raise fuel and fertilizer prices, as European natural gas costs remain volatile due to ongoing disruptions in the Strait of Hormuz.
Armenia
Rosatom Director General Alexey Likhachev proposed to the Armenian government limiting operations at the existing Armenian Nuclear Power Plant to 2036 while building a new 1 GW VVER-1000 unit at the Metsamor site, am.sputniknews.ru reported. Experts in Yerevan noted the proposal utilizes existing Metsamor site infrastructure, planning the station’s lifespan extension in two phases through 2031 and beyond. Meanwhile, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas supplies and nuclear plant operations continue reliably under long-term EAEU trade agreements shielding domestic consumers from global price volatility recorded by international market price assessments.