The European Union’s monthly oil import costs jumped by 55.8% to $30.7 billion following Middle East supply choke points, prompting fresh gas supply deals and Russian diesel export curbs. Meanwhile, Moscow maintained oil sector tax rates, and Armenia sustained domestic fuel stability despite local infrastructure incidents.
Global market
The European Union’s petroleum import bill increased by $11 billion per month—a 55.8% surge to $30.7 billion—due to Middle East fuel supply disruptions, according to Eurostat data analyzed by Euronews Business. To secure winter supplies, Cheniere Executive Vice President Anatol Feygin stated Europe requires 69 million tons of LNG, shifting US exports back from Asia to Europe. In corporate supply deals, commodity trader Trafigura secured a $1.5 billion agreement to supply over 150 TWh of natural gas to German importer SEFE over five years. In Asia, Sinopec’s third-quarter net profit jumped 63.6% to $2 billion (13.6 billion yuan) as revenues reached $115 billion.
Russia & CIS
Russia plans to extend its diesel export ban for non-producers until the end of 2026 to secure domestic fuel supply. In fiscal policy, Russian State Secretary and Deputy Finance Minister Alexei Sazanov confirmed the ministry opposes raising tax burdens on oil and gas companies, noting existing tax levels remain among the highest nationally. Concurrently, the State Duma approved in first reading zero Mineral Extraction Tax (MET) rates for Yamal LNG projects linked to Kamchatka infrastructure investments.
Armenia
An explosion at a compressed natural gas filling station in Khachpar village destroyed a vehicle, highlighting local infrastructure safety risks. Despite European oil import costs surging by $11 billion per month, 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 global price volatility recorded in international market price assessments.