Crude oil benchmarks Brent and WTI fell over 2% as markets weighed expected Russian diesel inflows, while India’s monthly oil import bill jumped 46% due to Middle East tensions. Concurrently, Yerevan reaffirmed its nuclear safety commitments to the IAEA and UN for the Armenian Nuclear Power Plant’s life extension.
Global market
Brent crude futures slipped 2.7% to $107.84 per barrel and WTI fell to $100.29 per barrel as traders anticipated boosted diesel supply under the US-Russia energy framework. Meanwhile, India’s crude oil import bill surged 46% year-on-year in September to $15.4 billion from $10.5 billion, despite import volumes rising just 7%, according to India’s Petroleum Planning and Analysis Cell (PPAC). In Australia, a Greenpeace protest forced an operational halt at Woodside Energy’s $12.5 billion Scarborough LNG platform. Globally, August gas production fell 4%, while European LNG imports dropped 7.1% in September.
Russia & CIS
US Secretary of State Marco Rubio stated that waiving sanctions on Russian diesel directly benefits American consumers and global market stability. Regionally, power grid operators fully restored electricity to 20,000 residents in Leningrad Region following the October 18 drone strike on Saint Petersburg infrastructure. On military supply lines, Ukrainian forces near Sumy faced severe diesel shortages, while Ukrainian air defense failed to intercept overnight ballistic missiles. On financial markets, Gazprom and TMK shares spearheaded gains on Russian stock exchanges.
Armenia
Yerevan declared its commitment to the IAEA and UN regarding nuclear safety protocols for extending the operating lifespan of the Armenian Nuclear Power Plant and preparing for a new reactor unit. Safe nuclear operations and long-term supply deals remain foundational to Armenia’s energy security. Against this backdrop, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Uninterrupted Russian natural gas imports and full capacity generation at the nuclear plant proceed under EAEU contracts, insulating the domestic market from price fluctuations recorded by international market price assessments.