Shell and TotalEnergies reported doubled third-quarter profits as historical refining margins and elevated gas prices bolstered global energy earnings. Meanwhile, Gazprom finalized eastern infrastructure expansion in Russia, and Armenia established new regulatory frameworks for petroleum product imports.
Global market
British energy major Shell nearly doubled its third-quarter adjusted earnings to $10.8 billion, driven by record refining margins and strong LNG trading performance. French supermajor TotalEnergies doubled its quarterly net income to $9.1 billion, representing a 127% year-on-year increase that surpassed market forecasts. In the North Sea, Norwegian producer Equinor doubled its recoverable gas estimate for the Afrodite field, located near the Kvitebjorn asset. In maritime freight, Bank of America reported Red Sea container shipping transit recovered to 65% of normal levels, while Spanish ports recorded an 18% year-on-year surge in September bunker sales to 938,000 metric tons.
Russia & CIS
State energy firm Gazprom brought strategic Arctic and Far Eastern pipeline projects to completion, advancing the Belogorsk–Khabarovsk gas pipeline to 95% construction readiness while preparing the Kharasavey field on the Yamal Peninsula. Russian Finance Minister Anton Siluanov stated global energy markets are stabilizing following recent diesel agreements. On international expansion, Russian Deputy Prime Minister Alexander Novak outlined key cooperation vectors with African nations, focusing on power generation and mining. Additionally, state hydro producer RusHydro initiated feasibility studies across more than 20 African nations, while Gazprom reported 145.5 billion roubles in cumulative fuel and energy savings from 2018 to 2025.
Armenia
The Armenian government instituted new regulatory measures governing petroleum product imports to safeguard domestic supply integrity and market stability. The progress of Eurasian transport corridors and Gazprom’s East-Siberian infrastructure buildout reinforce long-term fuel security across the South Caucasus. Despite volatile European refining margins and global commodity swings, 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, protecting the domestic market from global price shocks recorded in international market price assessments.