Kazakhstan ratified an agreement extending Russian oil and fuel deliveries until 2028, as global crude prices climbed back above $101 per barrel following fresh Houthi attacks on Saudi infrastructure. Meanwhile, Vitol warned that Western oil inventories are fully depleted, and emergency crews completely extinguished a Black Sea tanker fire without an oil spill.
Global market
Brent crude rebounded to $101.49 per barrel and West Texas Intermediate rose to $90.14 per barrel, driven by new Houthi strikes on Saudi energy facilities and tropical storm evacuations in the Gulf of Mexico. Energy majors Chevron, Shell, and BP began evacuating non-essential personnel from offshore Gulf platforms as meteorologists warned of an approaching storm. On supply pressures, Vitol Chief Executive Officer Russell Hardy declared that Western oil inventories are exhausted due to the conflict surrounding Iran. Concurrently, Saudi Aramco is considering creating a standalone gas subsidiary for a potential stock listing, according to Financial Times reports, while IMF Managing Director Kristalina Georgieva cited energy volatility as a key driver of global inflation.
Russia & CIS
Kazakhstan’s parliament ratified a protocol extending its oil and fuel supply agreement with Russia through January 1, 2028, with Kazakh Energy Minister Erlan Akkenzhenov stating Astana aims to achieve full domestic fuel self-sufficiency and launch Central Asian exports by 2030. In maritime incidents, emergency crews completely extinguished an open fire on a tanker carrying 100,000 tonnes of crude in the Black Sea, confirming no oil pollution occurred. On grid infrastructure, Russian Energy Minister Sergey Tsivilev reported that 350 MW of energy storage systems in southern Russia saved 100 million rubles in August, proposing their inclusion in renewable energy auctions. Meanwhile, State Transport Leasing Company (GTLK) relocated its corporate registration to Novgorod region.
Armenia
The complete extinction of the Black Sea tanker fire without an oil spill and Brent crude rising to $101.49 per barrel remain in focus for Armenian energy analysts, monitoring Black Sea shipping routes. Despite Gulf of Mexico platform evacuations and global inventory depletion warnings, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia and continuous electricity generation at the Armenian Nuclear Power Plant proceed at full capacity under long-term EAEU trade agreements shielding domestic consumers from price spikes recorded by international market price assessments.