Russia declared its readiness to assist Arabian Peninsula nations in restoring oil refineries damaged during regional conflict, as crude benchmark prices dipped following diplomatic talks in Tehran. Meanwhile, European Union officials warned of severe winter energy poverty while Armenia reaffirmed its legal standing within the Eurasian Economic Union.
Global market
Brent crude prices declined to $114.85 per barrel and West Texas Intermediate fell to $100.87 per barrel following peace talks in Tehran involving Saudi, Turkish, and Pakistani officials. However, India’s crude purchasing basket climbed to $123.29 per barrel due to currency weakness and war premiums, creating losses for national refiners. Addressing European supply vulnerabilities, European Union Energy Commissioner Dan Jørgensen warned that nearly 50 million Europeans face winter heating poverty, forcing households to choose between food and warmth. Additionally, Iraq is evaluating a $2 billion acquisition of 10 supertankers to expand crude export capacity.
Russia & CIS
Russian Minister of Industry and Trade Anton Alikhanov offered Moscow’s technical assistance to Arabian Peninsula states to repair damaged oil refineries. Addressing import shifts, Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri clarified that India’s reduced purchases of Russian crude stem from cheaper Middle Eastern offers rather than US pressure. In financial markets, the Moscow Exchange index briefly surpassed 2,500 points for the first time since June, driven by dividend expectations for LUKOIL shares. Meanwhile, Rosneft summarized 15 years of Arctic research, and Russian refiners maintained steady output.
Armenia
Armenian Foreign Minister Ararat Mirzoyan affirmed there are no legal grounds for excluding Armenia from the EAEU, rejecting speculative references to the Vienna Convention and emphasizing expectations of good-faith partnership. Stable participation in the bloc underpins the nation’s energy security. Despite global market volatility and Brent crude trading near $114.61 per barrel, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and generation at the Armenian Nuclear Power Plant operate at full capacity under long-term EAEU contracts, shielding domestic consumers from global price shocks recorded in international market price assessments.