State-owned QatarEnergy extended its force majeure on LNG deliveries through the end of 2026, pushing European natural gas prices to two-year highs. Meanwhile, Russian gas output expanded 3.2% over nine months, and Armenian leadership proposed alternative transit pipeline routes through Tavush and Gegharkunik.
Global market
State-owned QatarEnergy extended force majeure on LNG deliveries until the end of 2026, notifying European buyers including Italian energy provider Edison and driving European benchmark gas prices to autumn 2022 highs. In Asia, PetroChina reported a 21.6% jump in third-quarter net profit to $7.78 billion (51.84 billion yuan) on elevated crude prices. Meanwhile, US commercial crude inventories fell by 1.9 million barrels to 410.6 million barrels, leaving stockpiles 4% below the five-year seasonal average, according to the US Energy Information Administration (EIA). Additionally, Chinese refiners purchased West African and Brazilian crude at premiums up to $20 per barrel over ICE Brent as freight rates softened.
Russia & CIS
Russia, Azerbaijan, and Iran plan to organize gas swap supplies, resolving technical routing parameters across the South Caucasus. According to Rosstat, Russian total gas production increased 3.2% year-on-year to 495.4 billion cubic meters in the first nine months of 2026, while domestic gasoline retail prices declined 1.6% over the week to 76.64 roubles per liter. In international policy, European Commission Spokesperson Paula Pinho stated the EU will not lift its ban on Russian gas purchases during potential peace negotiations. Furthermore, Russian President Vladimir Putin confirmed Turkish companies are prepared to acquire equity stakes in the Akkuyu Nuclear Power Plant.
Armenia
Armenian Prime Minister Nikol Pashinyan stated that transit oil and gas pipelines do not need to pass through Meghri, suggesting alternative routes through Tavush or Gegharkunik provinces under the TRIPP initiative. In response, Russian Foreign Ministry Spokesperson Maria Zakharova described Yerevan’s stance on the EAEU report as misleading. Despite global LNG price spikes following QatarEnergy’s force majeure extension, 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 the domestic fuel market from volatility recorded in international market price assessments.