A United States naval blockade reduced Iranian crude oil exports to zero in September, while Ottawa fast-tracked a 1-million-barrel-per-day pipeline to the Pacific to diversify exports to Asia. Meanwhile, Moscow estimated refinery attack losses at 1% of GDP and rejected proposals for a naval ceasefire in the Black Sea.
Global market
Iranian crude oil exports fell to zero in September from 250,000 barrels per day in August due to the US naval blockade, according to Bloomberg vessel-tracking data. Amid rising logistics costs, Indian Oil Minister Hardeep Singh Puri stated global crude output remains sufficient at 104 million barrels per day, emphasizing that choked shipping routes and soaring freight charges are driving elevated prices. In North America, Canadian Prime Minister Mark Carney announced the fast-tracking of the 1-million-barrel-per-day Pacific Link pipeline from Alberta to British Columbia, targeting federal review completion by September 1, 2027. Concurrently, US Trade Representative Jamieson Greer discussed potential diesel export restrictions with G20 partners, while long-term uranium prices reached a record $96 per pound.
Russia & CIS
Russian President Vladimir Putin estimated economic damage from Ukrainian strikes on domestic oil refineries at approximately 1% of GDP, speaking at the Valdai forum. The Russian president rejected proposals to halt strikes on Ukrainian shipping in exchange for ending refinery attacks, calling such initiatives absurd and noting that Russian diesel remains blocked from global markets by sanctions. In corporate developments, shareholders of Gazprom Neft approved a first-half dividend payout of 42.51 roubles per share. In state budget planning, the Russian Government projected oil and gas mineral extraction tax revenues exceeding 7 trillion roubles in 2027, rising to over 7.3 trillion roubles in 2028, while the Federal Antimonopoly Service (FAS) moved to control wholesale gas tariff indexation.
Armenia
Global shipping logistics disruptions and the US blockade of Iranian tanker routes remain the primary external focus for Armenian energy analysts, regional observers reported. Local experts noted that rising international freight rates and choked maritime corridors create indirect cost risks for regional energy trade. 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 continue reliably under long-term EAEU trade agreements shielding domestic consumers from global market volatility recorded by international market price assessments.