EAEU leaders approved a key regulatory framework to launch a unified electric power market by January 2027, as Brent crude fell below $100 per barrel amid talks on emergency oil releases. Meanwhile, Moscow reported drone attacks on four domestic refineries, and the UN warned global fuel subsidies could top $1 trillion.
Global market
Brent crude fell below $100 to $99.79 per barrel, while WTI dropped 3.8% to $89.36 per barrel, as European nations weighed a coordinated release of emergency stockpiles. State-owned QatarEnergy extended force majeure on LNG deliveries to Asia and Europe through November, prompting JERA Chief Executive Yukio Kani to warn of higher winter gas prices. Meanwhile, a United Nations Development Programme (UNDP) report warned that global fuel subsidies could surpass $1 trillion in 2026 as governments attempt to cap energy costs. Additionally, commodity trader Gunvor rebranded as Centalion Group, transferring its legal seat to Singapore, as UK diesel prices exceeded £2 per liter.
Russia & CIS
Drone attacks targeted four Russian oil refineries overnight on October 2, though damage was mitigated by protective measures, reported Russian Deputy Prime Minister Alexander Novak. He confirmed a minor domestic petrol shortage while diesel supplies remain fully sufficient, adding that officials are evaluating postponed refinery modernization deadlines and an import damper for aviation fuel. In Central Europe, Poland reinstated daily price caps on petrol and diesel starting October 3 through year-end, while a Hamburg court denied Nord Stream operators co-plaintiff status in the pipeline sabotage case. Additionally, Russian gas export prices to China could rise 3% in 2026, according to TASS data.
Armenia
The Eurasian Intergovernmental Council approved the regulatory package to launch the EAEU common electric power market on January 1, 2027, announced Eurasian Economic Commission Chairman Bakytzhan Sagintayev. At the Minsk summit, Belarusian President Alexander Lukashenko urged Armenia not to rush leaving the EAEU, while Russian Prime Minister Mikhail Mishustin highlighted that EAEU members buy natural gas five times cheaper than Europe. Armenian Prime Minister Nikol Pashinyan affirmed Armenia’s commitment to EAEU integration. Retail petrol, diesel, and gas prices in Armenia remain stable, while Armenian NPP operations continue reliably under EAEU trade agreements shielding the market from volatility recorded by international market price assessments.