Saudi Arabia plans to launch a major military operation against Yemeni Houthis following attacks on its oil infrastructure, as OPEC+ expressed grave concern over energy facility strikes. Meanwhile, Russia’s Defense Ministry announced intensified strikes against Ukrainian targets, and OPEC+ announced high-level supply talks in Riyadh on October 12.
Global market
Saudi Arabia intends to launch a military offensive against Yemeni Houthis in the coming weeks, am.sputniknews.ru reported citing international media, responding to drone and missile strikes on Saudi Aramco’s Riyadh refinery. Concurrently, the OPEC+ Joint Ministerial Monitoring Committee expressed serious concern over attacks on global energy infrastructure, emphasizing that restoring damaged refining capacity will require substantial time and resources. Furthermore, Russian Deputy Prime Minister Alexander Novak warned of a growing supply deficit in global oil markets, stating that key consultations will take place in Riyadh on October 12 to discuss market forecasts through 2027. Novak reaffirmed that market turbulence will be overcome through coordinated OPEC+ actions.
Russia & CIS
Russia’s Ministry of Defense announced plans to significantly intensify strikes against military and defense industry facilities in Kyiv and other Ukrainian regions, Kommersant reported. The ministry stated the decision was taken in direct response to Ukrainian President Volodymyr Zelensky’s pledge to step up attacks on Russian oil refineries. Meanwhile, the OPEC+ Monitoring Committee reviewed crude production data for July and August, confirming general compliance among participating nations with voluntary output cuts. Participating ministers scheduled their next formal monitoring meeting for November 1 to review ongoing market fundamentals.
Armenia
Saudi Arabia’s planned offensive against Houthi forces and OPEC+ warnings regarding energy infrastructure risks remain a central focus for Armenian energy analysts, assessing stability along Middle Eastern and Eurasian supply corridors. Despite geopolitical escalation and global supply deficit concerns, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia and uninterrupted operations at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU trade agreements shielding the domestic market from global price volatility recorded by international market price assessments.