Pakistani Petroleum Minister Ali Pervaiz Malik urged domestic refiners to import Libyan crude oil to diversify supplies, as December Brent crude futures rose above $106 per barrel. Meanwhile, Russian Finance Minister Anton Siluanov adjusted the country’s three-year budget baseline oil price to $50, and Armenian Prime Minister Nikol Pashinyan emphasized the critical importance of Russian fuel stability.
Global market
December Brent crude futures rose 1.35% to $106.13 per barrel, surpassing $106 for the first time since late September amid persistent Middle Eastern tensions. Seeking supply diversification, Pakistani Petroleum Minister Ali Pervaiz Malik met Libyan Oil Minister Khalifa Rajab Abdulsadek to encourage Pakistani refiners to import Libyan crude. Analytical firm BMI predicted Brent crude will remain above $100 per barrel for months, noting a US-Iran diplomatic agreement is unlikely before the first quarter of 2027. Further straining maritime trade, a tanker was struck 51 nautical miles off Qatar, marking an expansion of attacks beyond the Strait of Hormuz, while the Baltic Dry Index dropped 65 points to 2,852.
Russia & CIS
Russian Finance Minister Anton Siluanov announced that the 2027–2029 federal budget reduces the baseline oil price from $59 to $50 per barrel to ensure resilience against global market shocks. On the international front, Russia’s Foreign Intelligence Service reported an EU campaign led by European Commission President Ursula von der Leyen against Rosatom, alleging pressure on Hungarian Prime Minister Peter Magyar to drop the Paks-2 NPP project. Furthermore, the EU included vehicle manufacturer GAZ and turbine producer ODK-Gas Turbines in its 22nd sanctions package, while Russian Deputy Foreign Minister Georgiy Borisenko expressed hope that Russian diesel exports will stabilize global markets.
Armenia
Armenian Prime Minister Nikol Pashinyan highlighted Armenia’s reliance on Russian fuel stability, stating: “We do not want Russia to have problems with petrol — we want us not to have problems.” The statement underscores the critical necessity of uninterrupted petroleum imports for the republic. Despite global supply volatility, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas shipments from Russia and power generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU trade agreements shielding the domestic market from price spikes recorded by international market price assessments.