The United Nations warned that global warming could reach 2.8 degrees Celsius as delayed action undermines climate targets, even as energy trade realignments accelerate. Concurrently, US leadership endorsed Russian diesel shipments while Armenian economists warned of severe impacts from potential gas price increases.
Global market
The United Nations warned that global temperatures are on track to rise by up to 2.8 degrees Celsius, concluding that Paris Agreement targets of limiting warming to 1.5 degrees will inevitably be missed. In climate diplomacy, Turkey, host of the UN COP31 summit in Antalya from November 9 to 20, urged NATO members to allocate more funding to climate support than defense, even as it plans to expand domestic oil and gas output alongside renewable capacity. In regional security, the Parliament of Algeria authorized troop deployments to Niger to protect critical energy infrastructure.
Russia & CIS
US President Donald Trump described the Russian diesel transaction as very good, noting that Russian supplies stabilized global fuel markets while predicting crude prices will decline once US-Israel military hostilities with Iran conclude. In legal actions, an Iranian court executed a judgment recovering damages from confiscated US oil cargo funds on behalf of patients with rare medical conditions. Concurrently, the United Kingdom announced plans to allocate billions of pounds in additional defense funding on October 28, prioritizing military technology and drone production.
Armenia
A potential rise in natural gas import prices would deal a direct blow to Armenia’s economic potential, according to former Finance Minister Vardan Aramyan, who endorsed the Central Bank Chairman’s warning of adverse macroeconomic consequences. Meanwhile, political analyst Suren Surenyants highlighted the necessity of pragmatic engagement within the EAEU framework to secure long-term energy stability. Despite external market 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 long-term EAEU contracts, protecting the domestic market from fluctuations recorded in international market price assessments.