Russia is finalizing contracts to ship its first diesel tanker to the US on October 22 as Washington urges global refiners to boost output amidst $6 per gallon retail fuel prices. Concurrently, Indian power plants face a deepening coal shortage while Armenia assesses pipeline route options under regional infrastructure proposals.
Global market
The US Department of Energy urged domestic and international refiners to increase diesel production as national average retail prices hovered above $6 per gallon. Amid persistent Middle Eastern supply anxieties, Brent crude rose to $110.30 per barrel and WTI climbed to $99.12 per barrel. In Asia, India’s coal crisis intensified with 96 power plants holding critically low stocks sufficient for only three days of consumption due to unseasonably high electricity demand. In corporate developments, Hungarian energy group MOL signed an agreement to acquire Gazprom Neft’s Russian stake in Serbian energy firm NIS, according to Serbian Finance Minister Siniša Mali.
Russia & CIS
Russia will dispatch its first diesel tanker to the US on Thursday, October 22, confirmed Russian Deputy Prime Minister Alexander Novak, adding that Moscow expects to fully restore diesel export volumes by year-end. On eastern supply routes, Russian Prime Minister Mikhail Mishustin announced that the projected Power of Baikal gas pipeline to China could become a major Eurasian energy artery. In nuclear infrastructure, Rosatom CEO Alexey Likhachev reported that a new fuel convoy for the Zaporizhzhia NPP will secure over 15 days of backup generator operation, with repairs at the Zaporizhzhia TPP scheduled for completion by October 23. Additionally, Gazprom Neft successfully tested Russia’s first electric hydraulic fracturing fleet.
Armenia
Armenian Economy Minister Gevorg Papoyan stated that higher gas prices would not create an unmanageable crisis for Armenia’s economy, downplaying potential negative effects from changing integration frameworks. Addressing infrastructure, Armenian Foreign Minister Ararat Mirzoyan clarified that prospective oil and gas pipelines under the TRIPP project cannot physically run adjacent to the railway line. Despite external volatility, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Natural gas imports from Russia continue under long-term EAEU contracts alongside full-capacity generation at the Armenian Nuclear Power Plant, insulating domestic consumers from shifts in international market price assessments.