Saudi Aramco pledged to fulfill all November crude delivery requests from European clients totaling up to 800,000 barrels per day, while France released 10 million barrels of strategic diesel reserves under a G7 commitment. Simultaneously, Gazprom reached a record 73.296 billion cubic meters of domestic underground gas storage, and Armenia designated Rosatom for its next nuclear reactor.
Global market
Saudi Aramco pledged to fully fulfill all November crude delivery requests from European buyers, guaranteeing volumes between 700,000 and 800,000 barrels per day despite regional shipping threats. Following a G7 emergency agreement, French Prime Minister Sébastien Lecornu announced the release of 10 million barrels of diesel from strategic reserves to curb rising fuel prices. In corporate finance, state-owned energy giant Petronas will boost its dividend to the Malaysian government by 19% to $7.8 billion for 2027 as higher oil profits lift state revenue. Meanwhile, US consumer sentiment fell to a five-month low of 46.3 in early October, while an explosion struck Motor Oil Hellas’s major refinery in Greece.
Russia & CIS
Gazprom established a record operational gas reserve in Russian underground storage of 73.296 billion cubic meters, ensuring winter supply resilience. In field development, Gazprom and Lukoil initiated pilot-commercial operations at the Layavozhskoye oil and gas condensate field in the Nenets Autonomous Okrug. In fiscal metrics, Russia’s oil and gas budget revenues fell 17.2% year-on-year for January–September, yielding a budget deficit of 2.2% of GDP, while non-oil and gas revenues rose 18.8% to 24.2 trillion rubles. To stabilize domestic retail fuel markets, the Federal Antimonopoly Service (FAS) facilitated price agreements across 35 Russian regions.
Armenia
Armenian Prime Minister Nikol Pashinyan agreed to designate Russian state nuclear corporation Rosatom to build Armenia’s next-generation reactor, suspending a US nuclear initiative. Highlighting power grid vulnerabilities, Tashir Group President Samvel Karapetyan warned that launching the Western Firebird data center risks creating severe electricity shortages. On regional routes, Iran’s Islamic Revolutionary Guard Corps (IRGC) struck the gas carrier NV Sunshine in the Strait of Hormuz. Despite regional volatility, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Gas imports from Russia and generation at the Armenian Nuclear Power Plant proceed under long-term EAEU trade agreements shielding the market from price shocks recorded by international market price assessments.