French energy major TotalEnergies reported its European refining margin nearly tripled to $33.20 per barrel in the third quarter as Middle East hostilities disrupted global fuel markets. Meanwhile, Gazprom finalized a 73.3 billion cubic meter winter gas reserve, while Ukrainian drone strikes hit Russian refineries.
Global market
TotalEnergies reported that its European refining margin surged to $33.20 per barrel in the third quarter, nearly tripling from $13.50 in the second quarter due to Middle East supply disruptions. In maritime oil logistics, ship-to-ship crude transfers off India’s West Coast reached 680,000 barrels per day across 82 cargoes in September, according to Vortexa data, as waters outside the Strait of Hormuz faced congestion. Furthermore, commercial oil product inventories at Fujairah fell 9.9% to a four-week low of 6.825 million barrels, led by a 30% drop in heavy distillates. In renewables, wind turbine maker Suzlon Energy projected India’s annual wind capacity additions will reach 8 GW this year and double to 14 GW by 2030.
Russia & CIS
Gazprom completed winter preparations by establishing an underground storage reserve of 73.296 billion cubic meters of natural gas, confirming full operational readiness across the Unified Gas Supply System. In diplomacy, Russian Foreign Minister Sergey Lavrov declared Ukrainian President Volodymyr Zelenskyy’s opposition to the US-Russia fuel deal a direct challenge to US President Donald Trump. In Ukraine, Kyiv’s three primary thermal power plants—CHPP-5, CHPP-6, and Darnytska CHPP-4—completely stopped generating electricity following Russian strikes. On domestic fuel regulation, Russian Vice Prime Minister Alexander Novak announced that low-grade motor fuels will be sold exclusively through commodities exchanges.
Armenia
Armenian Prime Minister Nikol Pashinyan announced that Yerevan is evaluating the optimal technological model for constructing a new nuclear power plant, prioritizing safety and efficiency. In regional trade, Azerbaijan increased gas exports to Europe by 3.6% to 8.6 billion cubic meters in Jan-Sept 2026. Domestically, the Armenian government extended export subsidies for agricultural goods and introduced new transport subsidies for EAEU wine trade. Meanwhile, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Gas supplies from Russia and output from the Armenian Nuclear Power Plant operate uninterrupted under long-term EAEU agreements shielding the market from price shocks recorded by international market price assessments.