Eight core OPEC+ producers are set to keep crude output quotas unchanged for December, as Brent crude hovered near $115 per barrel amid escalating Persian Gulf shipping disruptions. Meanwhile, Russian and Iranian leaders concluded gas summit talks in Moscow, while South Caucasus energy corridors continue to operate under Eurasian bilateral frameworks.
Global market
Key OPEC+ members including Saudi Arabia and Russia plan to leave production targets unchanged for December, maintaining current output levels following earlier supply rollbacks. Brent crude traded near $115 per barrel as Strait of Hormuz shipping incidents surged to over 30 in October from 14 in September. In Latin America, US President Donald Trump announced plans to accept a Venezuelan tanker carrying 1 million barrels of crude oil, predicting lower domestic fuel prices. In Africa, investors from 119 countries participated in Nigeria’s Dangote Refinery IPO, while Tanzania announced its first major natural gas discovery in over a decade. Meanwhile, Asian LNG imports reached a three-month high in October.
Russia & CIS
Russian President Vladimir Putin met Iranian President Masoud Pezeshkian in Moscow following the eighth Gas Exporting Countries Forum summit, where delegates signed the Moscow Declaration affirming sovereign rights over natural resources. On nuclear cooperation, Rosatom confirmed it is expanding personnel at Iran’s Bushehr Nuclear Power Plant, a move commended for constructive oversight by International Atomic Energy Agency Director General Rafael Grossi. Trade data from Argus showed Russian crude exports to non-CIS nations rose 6.9% year-on-year to 4.8 million barrels per day (180 million tonnes) in the first nine months of 2026. Separately, Russia and Belarus approved rules for a unified electricity market.
Armenia
Russian President Vladimir Putin affirmed expanding gas cooperation with Azerbaijan, bolstering South Caucasus transit stability alongside existing Eurasian supply networks. Iranian leadership emphasized that maritime security risks in the Persian Gulf underscore the strategic importance of stable regional energy corridors. Despite global crude trading near $115 per barrel and regional maritime risks, 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, shielding the domestic market from volatility recorded in international market price assessments.