Brussels agreed to release emergency diesel reserves only if Washington formally drops its export ban, as Goldman Sachs warned Latin America faces severe fuel supply shocks. Meanwhile, Russian naval operations in the Black Sea aimed to block fuel shipments to Ukraine, and EAEU prime ministers convened in Minsk to advance common market integration.
Global market
The European Union agreed to release strategic diesel reserves only if the US officially abandons planned export restrictions, Reuters reported. Analysts at Goldman Sachs warned that a US diesel export ban would hit Latin America hardest, where American imports cover up to 50% of fuel consumption in Mexico, Ecuador, Chile, and Peru. In the liquefied natural gas sector, ConocoPhillips signed a 20-year contract with Venture Global to purchase 1 million tonnes of LNG annually starting in 2030 following QatarEnergy’s force majeure. Meanwhile, Brent crude held above $102 per barrel at $102.24, while Fujairah fuel oil inventories rose 14% in September with heavy distillates increasing by 565,000 barrels to 4.50 million barrels.
Russia & CIS
Russian Presidential Press Secretary Dmitry Peskov stated that Black Sea naval operations aim to halt all fuel and ammunition deliveries to Ukrainian forces in response to attacks on Russian infrastructure. At the Eurasian Intergovernmental Council in Minsk, Belarusian President Alexander Lukashenko and Russian Prime Minister Mikhail Mishustin urged EAEU member states to maintain commitment to the common market. In trade developments, European LNG imports fell 6.5% in September, while Kaluga region authorities reported improved petrol availability at retail fuel stations. Additionally, the Russian Ministry of Finance proposed a new additional income tax targeting major mining and metallurgical companies including Nornickel and UMMC.
Armenia
Armenian Prime Minister Nikol Pashinyan participated online in the Eurasian Intergovernmental Council meeting in Minsk, addressing 15 agenda items including the common electric power market, trade, and transport logistics, am.sputniknews.ru reported. Regional energy markets monitored drone strikes targeting major oil refineries near Samara and Volgograd, which created indirect freight risks across Eurasia. Nevertheless, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas supplies 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.