European nations agreed to release 42 million barrels of emergency oil stocks after Houthi strikes on Saudi Arabian refineries pushed Brent crude toward $114 per barrel. Meanwhile, US energy executives canceled Gulf visits, and Russia lowered its budget oil price threshold.
Global market
Brent crude futures rose 2.9% to $114.01 per barrel on London’s ICE exchange following Houthi drone and missile attacks on Saudi Arabian oil refineries. Citing security concerns as Washington weighs military action against Iran, ExxonMobil Chief Executive Darren Woods and Chevron Upstream President Clay Neff canceled visits to the ADIPEC conference in Abu Dhabi. In nuclear developments, Finnish operator Posiva received an operating license for the Onkalo facility, the world’s first permanent nuclear waste repository. Meanwhile, US Deputy Assistant Secretary of State Shawna J. Wilson met with regional officials to promote American nuclear technology across Central Asia and the Caucasus.
Russia & CIS
The Russian State Duma passed a bill in first reading lowering the baseline oil price in its budget rule to $50 per barrel, allowing one-year budget planning during security threats. Addressing tax policy, Russian Deputy Finance Minister Alexei Sazanov stated the ministry considers changing oil industry taxation inadvisable while companies rebuild refinery capacity. In nuclear operations, IAEA Director General Rafael Grossi condemned a fatal drone strike that killed a worker at the Zaporizhzhia NPP. Meanwhile, official trade data showed Venezuela exported 136.7 million barrels of crude oil to the US since the start of the year.
Armenia
European authorities agreed to release 42 million barrels of oil from emergency reserves—half allocated as diesel—to mitigate fuel deficits triggered by Middle East refinery strikes. Concurrently, US Deputy Assistant Secretary of State Shawna J. Wilson conducted talks in Yerevan on bilateral nuclear energy cooperation following February’s nuclear agreement. Despite global crude price spikes to $114.01 per barrel, 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 fuel market from volatility recorded in international market price assessments.