Japan’s Trade Ministry called on Asian importers to expand national crude stockpiles as Middle Eastern maritime risks escalate, while two additional oil tankers were attacked near the Strait of Hormuz. Simultaneously, Slovakia announced it will request a European Union exemption to maintain Russian gas imports, and OPEC lowered its global oil demand growth forecast.
Global market
Japan’s Trade Minister Ryosei Akazawa urged Asian nations to rapidly expand oil stockpiles and infrastructure, offering Tokyo as a diplomatic bridge between Middle Eastern oil exporters and Asian consumers at the virtual International Energy Forum. Highlighting ongoing security risks, two more tankers were attacked near the Strait of Hormuz, including a Suezmax carrying Iraqi crude that caught fire off Oman with two crew members missing. Meanwhile, OPEC Secretary General Haitham Al Ghais lowered the group’s global oil demand growth forecast to 0.4 million barrels per day. Additionally, Goldman Sachs raised its December Brent crude price forecast to $90 per barrel, citing expected shifts in Russian export flows, while Fujairah fuel oil inventories rose 5% in early October.
Russia & CIS
Slovakian Parliamentary Vice Speaker Tibor Gaspar announced that Bratislava will request a transition period from the European Commission to continue importing Russian natural gas, emphasizing that cutting Russian supplies harms European economic interests. In Beijing, Chinese Foreign Ministry spokesperson Mao Ning commented on US President Donald Trump’s energy ceasefire initiative, reaffirming China’s support for global market stability. On financial markets, the US dollar dropped below 84 rubles on Forex, supported by increased foreign currency inflows from Russian oil exporters. In the Black Sea, Sochi authorities reported no environmental impact following a drone boat attack on a Liberia-flagged oil tanker.
Armenia
Japan’s push for Asian crude stockpiling and Slovakia’s request for Russian gas waivers underscore the evolving supply dynamics affecting Armenia. Regional shipping hazards near the Persian Gulf maintain elevated freight risks for Transcaucasian fuel corridors. Despite global market volatility, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas deliveries from Russia and continuous generation at the Armenian Nuclear Power Plant proceed normally under long-term EAEU trade agreements shielding the domestic energy market from international price shocks recorded by international market price assessments.