Iraq established an overland oil export route through Syria to the Mediterranean to bypass the Strait of Hormuz, while France released 10 million barrels of strategic diesel reserves. Simultaneously, Russian export crude prices surged nearly one-third in September, and Armenia postponed selecting its new nuclear reactor model to 2027.
Global market
Iraq will deliver crude oil through Syria to the Mediterranean port of Baniyas, establishing a critical bypass around the Strait of Hormuz to safeguard exports. Facing severe fuel shortages, French Prime Minister Sébastien Lecornu announced the release of 10 million barrels of diesel from strategic reserves to lower pump prices by 12 to 18 eurocents per liter. According to Kpler, Middle East crude exports averaged 16.5 million barrels per day in September, though maritime risks remain high as nearly 20 tankers faced attacks over the past month. In corporate energy, investment firm Apollo submitted a €10 billion bid for German gas giant Uniper, while the White House mandated Beijing to import 10 million tonnes of US coal annually in 2027 and 2028.
Russia & CIS
Russian export crude grades Urals and ESPO surged by 28% to 33% in September due to Middle East supply disruptions, replacing traditional Indian market discounts with spot premiums against global benchmarks. In international trade, Russia and Myanmar signed a comprehensive package of bilateral energy cooperation agreements, TASS reported. Addressing domestic agricultural logistics at the Golden Autumn 2026 exhibition, Russian Prime Minister Mikhail Mishustin pledged to extend subsidized agricultural loans for another year to offset rising fuel and freight costs. Additionally, air transport operations resumed at Nizhny Novgorod airport following the lifting of temporary airspace restrictions.
Armenia
Armenia will decide on the model and reactor type for its new nuclear power plant in 2027, evaluating Russian state nuclear corporation Rosatom’s offer alongside international proposals, announced Armenian Minister of Territorial Administration and Infrastructure Gnel Sanosyan. Iraq’s new overland pipeline route through Syria helps mitigate regional fuel supply disruption risks for Caucasus trade corridors. Despite global price pressure, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia and continuous generation at the Armenian Nuclear Power Plant proceed at full capacity under long-term EAEU trade agreements shielding the domestic market from price shocks recorded by international market price assessments.