The International Energy Agency reduced its 2026 global oil demand forecast by 100,000 barrels per day due to Middle East hostilities, as global diesel exports fell 13% year-on-year. Meanwhile, Taiwan committed $4.4 billion to the Alaska LNG megaproject, and Russian regional authorities eased fuel purchase restrictions on filling stations.
Global market
The International Energy Agency lowered its 2026 global oil demand growth forecast by 100,000 barrels per day, expecting an overall decline of 2.6 million bpd amidst ongoing Middle East conflicts. According to the IEA report, global diesel exports plunged 13% year-on-year in September to 4.7 million barrels per day, down from 5.4 million bpd. On crude pricing, Brent crude rose to $106.37 per barrel following Iranian threats of renewed tanker attacks. In LNG development, US President Donald Trump announced that Taiwan’s CPC Corp. agreed to invest $4.4 billion in Alaska LNG and purchase 30% of its output over 20 years. Furthermore, US President Donald Trump signaled preparations for major oil and gas exploration in Greenland.
Russia & CIS
Russian Deputy Energy Minister Dmitry Islamov announced that the domestic coal sector has passed its most difficult period, with export prices showing recovery. In electricity infrastructure, System Operator Board Chairman Fedor Opadchiy forecast a 0.5% drop in Russian power consumption for 2026. Addressing retail fuel supply, regional authorities in Karelia raised petrol limits at Rosneft stations to 50 liters, while Tyumen Region removed fuel sales restrictions at Gazprom Neft stations entirely. In nuclear energy, Rosatom CEO Alexey Likhachev designated the Bushehr Nuclear Power Plant project in Iran a top priority, while RusHydro CEO Victor Khmarin confirmed completion of the Zagorskaya Pumped Storage Plant-2 by 2028.
Armenia
Prosperous Armenia party leader Gagik Tsarukyan called the US-Russia fuel agreement a lesson for Armenia, warning against becoming caught in Great Power confrontations. In domestic industry, Armenian Economy Minister Gevorg Papoyan inspected petroleum product processing facilities, as firefighters successfully extinguished a fire at a fuel oil processing plant in Yerevan without casualties. Despite global market volatility and supply chain pressures, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia and generation at the Armenian Nuclear Power Plant continue under long-term EAEU trade agreements shielding the domestic market from price spikes recorded by international market price assessments.