A US Treasury waiver allowing Russian crude transactions has reassured Indian and Chinese refiners while European bunker fuel demand posted strong quarterly gains. Concurrently, Eurasian energy infrastructure faced fresh military disruption as Armenian domestic fuel prices remained insulated under long-term bilateral agreements.
Global market
A US Treasury waiver on Russian crude has reduced market uncertainty for refiners in India and China, preserving trade flows of discounted Russian grades to Asian buyers. In European marine fuel logistics, Antwerp-Bruges bunker fuel sales rose 5% in the third quarter to 2.16 million metric tonnes, exceeding sales at Rotterdam, where conventional bunker volumes rebounded 10% to 1.696 million tonnes. Additionally, Venezuela’s crude oil production reached 1.252 million barrels per day, marking its highest monthly output in recent years following expanded joint operations.
Russia & CIS
A second bill prohibiting OFAC from granting energy import waivers was introduced in the US Congress, seeking to block Russian diesel imports. On domestic distribution, authorities in Karelia removed all fuel sales limits at service stations, permitting direct filling into any container. In corporate developments, former Polar LNG Chief Executive Joel Riddle accused Russian major NOVATEK of secretly funding Alaska’s $25 billion LNG export project to secure operational control. Meanwhile, emergency blackouts hit Crimea and the Kyiv region after drone strikes damaged high-voltage electrical grid infrastructure.
Armenia
Armenian officials have not yet held formal consultations with Russia regarding the latest EAEU report, keeping focus on domestic supply security. In regional environmental analysis, experts warned that Caspian Sea shallowing threatens offshore oil and gas infrastructure in Azerbaijan. Despite regional power disruptions and international fuel trade shifts, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct gas imports from Russia and generation at the Armenian Nuclear Power Plant continue at full capacity under EAEU contracts, shielding the domestic market from fluctuations recorded in international market price assessments.