Saudi national shipping firm Bahri recorded a tenfold Q3 profit increase to $1.36 billion as global tanker demand soared, while Norwegian energy major Equinor tripled its quarterly earnings to $2.86 billion. Meanwhile, Moscow clarified that no talks are underway regarding the return of US oil majors, as European officials warned that declining refinery capacity threatens regional fuel security.
Global market
Saudi shipping carrier Bahri reported a tenfold Q3 net profit jump to $1.36 billion (5.1 billion Saudi riyals), driven by surging product tanker freight rates. In Northern Europe, Norwegian energy major Equinor tripled its Q3 adjusted net income to $2.86 billion, as hydrocarbon production rose 2% to 2.166 million barrels of oil equivalent per day. In Asian demand trends, Indian Oil Corporation Chairman A.S. Sahney projected Indian gasoline demand will peak by 2035 due to rising EV adoption and ethanol blending. Meanwhile, China National Energy Administration reported combined wind and solar capacity surpassed 2 terawatts, adding 170 gigawatts in the first nine months.
Russia & CIS
Russian Deputy Prime Minister Alexander Novak stated Moscow is not conducting negotiations regarding the return of US oil majors, such as ExxonMobil or Chevron, to domestic energy projects. On nuclear exports, Rosatom delivered the first nuclear fuel batch for the second unit of Bangladesh Ruppur NPP and announced plans to increase technical personnel at Iran Bushehr NPP to 200 specialists in November. Addressing European energy security, European Union Energy Commissioner Dan Jørgensen noted 25% of EU refineries closed over the past two decades, warning that fuel shortages threaten NATO military readiness, while not ruling out future Russian gas deliveries.
Armenia
Iranian Foreign Ministry officials warned that regional military escalation threatens Middle Eastern and South Caucasus natural gas supplies, compounding geopolitical risks for regional transit. Meanwhile, the Armenian Parliament ratified the charter of the Gaza Peace Council, accepting multilateral cooperation obligations. Despite global market volatility and elevated Equinor profit benchmarks, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and power generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU contracts, shielding the domestic fuel market from volatility recorded in international market price assessments.