The US Treasury urged the World Bank to end its ban on funding oil and gas projects, as official US data showed crude stockpiles dropped by 8.6 million barrels. Meanwhile, Gazprom included Armenia in its winter gas reserve planning, while Bulgaria opposed strikes on Russian refineries.
Global market
US Treasury Secretary Scott Bessent urged the World Bank to reverse its ban on financing upstream oil and gas projects to foster economic growth and reduce global poverty. Official EIA data showed US commercial crude oil inventories fell by 8.6 million barrels to 415.6 million barrels, as domestic crude output dropped by 300,000 barrels per day. Consequently, Washington requested IEA member nations to release additional crude from strategic reserves, Bloomberg reported. In Europe, the European Commission proposed postponing new methane emission rules for imported fossil fuels by one year, while Bulgarian Prime Minister Rumen Radev opposed attacks on Russian refineries due to soaring European fuel costs.
Russia & CIS
Russian President Vladimir Putin stated that recent Ukrainian drone attacks on Russian refineries caused no significant damage, warning that Moscow will continue retaliatory strikes against Ukraine’s energy grid. In gas logistics, Gazprom confirmed including Armenia in its unified calculation of winter gas reserves to ensure stable heating season supply. On domestic fuel markets, the Moscow Region Arbitration Court awarded 4.3 billion rubles from the Trassa gas station network to a Zarubezhneft subsidiary, amidst a bankruptcy petition filed against fuel trader Evrotrans by Sberbank. Furthermore, ASEAN representatives expressed interest in Gazprom’s underground gas storage technology, while Gazprom Energoholding reported a 5% drop in electricity output over nine months.
Armenia
Gazprom’s decision to include Armenia in its winter gas reserve planning provides a reliable supply buffer for the republic’s heating season. Russian President Vladimir Putin’s statements regarding fuel sector stability and Bulgaria’s opposition to refinery strikes reduce supply disruption risks across the EAEU. Against this backdrop, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas deliveries from Russia and power generation at the Armenian Nuclear Power Plant continue at full capacity under long-term agreements within the EAEU, insulating the domestic market from price volatility recorded by international market price assessments.