Berlin initiated reprivatization proceedings for energy firm Sefe, the former Gazprom subsidiary valued at €6 billion, while physical crude supply squeezes pushed Dated Brent above $120 per barrel. Meanwhile, the IAEA urged emergency fuel deliveries to Zaporizhzhia NPP, and Armenia reaffirmed its commitment to deeper EAEU economic integration.
Global market
Physical crude oil markets tightened severely as Dated Brent surged past $120 per barrel, creating an unprecedented disconnect with ICE Brent futures trading near $101 per barrel. Supply constraints worsened as Mexican state oil company Pemex reported a 45% plunge in August crude exports to 275,737 barrels per day to feed domestic refineries processing 1.2 million barrels per day. However, maritime transit showed signs of easing as 21 LNG cargoes exited the Strait of Hormuz in September, marking the highest monthly volume since the conflict began. In response to refined product shortages, G7 leaders agreed to release 100 million barrels of emergency diesel and crude stocks over four months to stabilize international supply lines.
Russia & CIS
The German Economy Ministry launched a tender to reprivatize Sefe, the former Gazprom subsidiary valued at €6 billion, seeking consultants for a direct sale or public listing, Borsen-Zeitung reported. In nuclear safety, IAEA Director General Rafael Grossi called on Russia and Ukraine to enable immediate diesel deliveries to the Zaporizhzhia NPP, where backup generators are being placed on standby due to fuel shortages. On the domestic market, Russian Deputy Prime Minister Alexander Novak ordered independent fuel stations to align petrol prices with vertically integrated oil companies. Furthermore, federal budget drafts indicate fuel damper payouts to Russian oil refiners could drop 40% in 2027 to 1.18 trillion roubles.
Armenia
Armenian Prime Minister Nikol Pashinyan affirmed Armenia’s readiness to deepen cooperation within the EAEU, emphasizing the free movement of goods, services, capital, and labor as fundamental principles, am.sputniknews.ru reported. Regional energy markets monitored the IAEA’s efforts at Zaporizhzhia NPP and European energy stabilization measures, which helped reduce indirect supply risks across the South Caucasus. Meanwhile, 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 without disruption under long-term EAEU trade agreements shielding domestic consumers from global price volatility recorded by international market price assessments.