Iraqi oil exports exceeded 3.4 million barrels per day in October, nearing pre-war volumes as shipping routes recover, while Canadian inflation accelerated to 3.1% driven by a 57.8% jump in fuel oil costs. Simultaneously, Russia’s Ministry of Finance proposed new tax incentives for hard-to-recover natural gas reserves.
Global market
Iraqi crude oil exports averaged over 3.4 million barrels per day in October, marking a 750,000 bpd increase from September’s 2.65 million bpd, announced Iraqi Oil Minister Bassem Mohammed Khudair. Transport through the Iraq-Turkey pipeline to Ceyhan reached 250,000 bpd. In North America, Canada’s annual inflation rate rose to 3.1% in September, propelled by a 57.8% surge in fuel oil prices and a 27.8% increase in gasoline prices, according to Statistics Canada. In the US, US Energy Secretary Chris Wright stated on ABC News that retail gasoline and diesel prices peaked a few weeks ago, even as Brent crude holds above $108 per barrel. Additionally, Mozambique pitched Sasol and ROMPCO on a $250 million offshore gas project.
Russia & CIS
Russia’s Ministry of Finance prepared proposals for tax incentives for hard-to-recover gas reserves, announced State Secretary and Deputy Finance Minister Alexey Sazanov, who also anticipates the repeal of the diesel import damper. In regional supply, Sevastopol Governor Mikhail Razvozhayev announced the full stabilization of the fuel market and the removal of all gasoline sales restrictions. Internationally, Russian Foreign Minister Sergey Lavrov confirmed that Russian specialists are returning to the Bushehr Nuclear Power Plant in Iran, while Russian Energy Minister Sergey Tsivilev announced plans for new energy storage systems in the Moscow region and Crimea. Furthermore, Euler Senior Analyst Oleg Polishchuk estimated the global diesel deficit at 1 million barrels per day.
Armenia
Discussions between Moscow and Tehran regarding Iran’s expanding cooperation with the EAEU reinforce regional energy integration across the South Caucasus. Amid Europe’s fuel crisis, which prompted French President Emmanuel Macron to embark on a tour of Gulf Arab states in search of crude oil and diesel, Armenia’s energy market maintains stability. Retail prices for petrol, diesel, and compressed natural gas in Armenia remain unchanged. Uninterrupted natural gas imports from Russia and output at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU contracts, shielding the domestic market from price fluctuations recorded by international market price assessments.