US producer EQT Corporation agreed to acquire Range Resources in a $50 billion deal to create the largest US natural gas producer, as energy agency executives warned that prices will not return to pre-war levels in 2027. Concurrently, Tehran announced that a landmark gas transit deal with Russia is entering its final stage.
Global market
EQT Corporation agreed to acquire Range Resources in an all-stock deal valued at $50 billion including debt, creating the largest vertically integrated US natural gas producer with daily output exceeding 9 billion cubic feet equivalent. Addressing market trends, International Energy Agency Executive Director Fatih Birol stated that energy prices will not return to pre-war levels in 2027, citing persistent Middle East supply tensions. Meanwhile, India’s Bharat Petroleum Corporation Limited announced it will cut Russian crude imports in November due to rising freight costs, while the US Strategic Petroleum Reserve fell to its lowest level since October 1982. Additionally, an international arbitration court dismissed Kazakhstan’s $12 billion claim against Kashagan oilfield operators.
Russia & CIS
Russian refiners increased daily diesel output toward 180,000 metric tons in October to fulfill export quotas under a supply arrangement with Washington, up from 160,000 tons earlier this month. In natural gas diplomacy, Aide to the President of the Russian Federation Yury Ushakov announced that leaders from five countries will attend the Gas Exporting Countries Forum summit in Moscow on October 27 to sign the Moscow Declaration. Confirmed attendees include Iranian President Masoud Pezeshkian and Libyan Presidential Council Chairman Mohamed al-Menfi. Meanwhile, German state-backed energy importer SEFE contracted to purchase 1 million tons of LNG annually for 20 years.
Armenia
Tehran reported that an agreement on the transit of Russian natural gas through Iranian territory is in its final administrative stage, strengthening regional energy security across the South Caucasus. The upcoming Gas Exporting Countries Forum summit in Moscow and expanding transit corridors provide a stable foundation for regional fuel supplies. Despite global market tightness and refining constraints, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct gas imports from Russia and electricity generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU contracts, protecting domestic consumers from global price shifts recorded in international market price assessments.