Chinese refiners suspended all gasoline and jet fuel exports to safeguard domestic supplies as maritime security in the Strait of Hormuz deteriorated further. Meanwhile, Washington demanded European nations release emergency diesel reserves, and UK authorities levied new sanctions on Russian LNG tankers.
Global market
Chinese refiners, including state-owned PetroChina, halted all fuel exports until further notice to protect domestic inventories amid intensifying security risks in the Strait of Hormuz, Reuters reported. The decision follows missile attacks on three Liberia-flagged oil tankers transiting the strait with transponders disabled, prompting Indian refiners to urgently charter commercial vessels for Persian Gulf crude runs. To curb global price pressure, the US Administration demanded that France and Germany tap emergency diesel reserves, warning Washington would otherwise enact a ban on American diesel exports. Additionally, US President Donald Trump announced plans to replenish the Strategic Petroleum Reserve using Venezuelan crude.
Russia & CIS
The United Kingdom expanded its sanctions regime against Russia by 23 entries, targeting three LNG carriers and the trading subsidiary of NOVATEK, according to official notices. In domestic energy projections, the Russian Ministry of Energy expects national LNG production to grow nearly 30% in 2026 to 44 million tonnes, with Asia-Pacific markets projected to absorb 76% of Russian energy exports by 2030. In fiscal policy, the Russian Ministry of Finance proposed setting the budget rule baseline oil price at $50 per barrel starting in 2027. In nuclear diplomacy, Turkish Energy Minister Alparslan Bayraktar met Rosatom Director General Alexey Likhachev to review progress on the Akkuyu Nuclear Power Plant.
Armenia
Armenian Prime Minister Nikol Pashinyan acknowledged for the first time that building a small modular nuclear reactor will be insufficient to resolve the country’s growing electricity deficit, am.sputniknews.ru reported. The prime minister added that Yerevan has received no indication from Moscow regarding any price increase for natural gas imports. According to news.am, natural gas deliveries and operations at the Armenian Nuclear Power Plant continue reliably under long-term EAEU trade agreements shielding domestic consumers from global price volatility recorded by international market price assessments.