Global Brent crude prices rose above $109 per barrel as Moscow launched massive strikes against Ukraine’s energy infrastructure, while PetroChina forecast record trading profits of $3 billion. Simultaneously, the US Treasury requested Russian Direct Investment Fund (RDIF) assistance with diesel trade settlements, and Rosatom signed a landmark floating nuclear plant export deal with Indonesia.
Global market
ICE Brent crude futures rose 3.18% to top $109 per barrel for the first time since September 15, driven by escalating Middle East shipping risks. Amid heightened market volatility, the trading arm of China’s state-owned PetroChina projects record gross trading profits exceeding $3 billion for 2026. In Africa, Equatorial Guinea announced an overhaul of its hydrocarbon law after crude output collapsed 85% to 20,000 barrels per day in September. In Europe, a severe gas shortage returned profitability to German and Polish coal-fired power plants, while two German electricity supply startups ceased operations due to surging wholesale costs. Additionally, Uzbekistan announced plans to construct a second and third nuclear power plant.
Russia & CIS
Chief of the General Staff of the Russian Armed Forces Valery Gerasimov reported the launch of massive strikes targeting Ukrainian energy infrastructure and bridges, stating that Ukrainian steel production has completely halted. In fuel exports, Russia aims to raise diesel exports to 3.5 million tons by the end of 2026, stated Russian Vice Prime Minister Alexander Novak. Concurrently, RDIF CEO Kirill Dmitriev stated that the US Treasury requested RDIF assistance to facilitate financial settlements under the US-Russia diesel deal. In nuclear technology, Rosatom signed its first export contract to deliver two PEB-100 floating nuclear power units to Indonesia, while the Russian government approved a one-year postponement of refinery modernization deadlines.
Armenia
Rosatom CEO Alexey Likhachev reported positive signals from Yerevan regarding the construction of a new nuclear power unit. Concurrently, Iranian warnings of a firm response to potential US threats against its energy facilities shape Armenia’s regional context. Against this backdrop, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Uninterrupted natural gas imports from Russia and 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.