Japan is set to surpass China as the world’s top LNG importer in 2026, allocating $7 billion to subsidize domestic gasoline prices as Brent crude approaches $118 per barrel. Meanwhile, European TTF gas prices crossed €101 per MWh, and Moscow prepared select exemptions for November diesel exports.
Global market
Japan is projected to overtake China as the world’s largest LNG importer in 2026, purchasing 62 million metric tons compared to China’s 61 million tons, according to ICIS and Kpler analysts. As ICE Brent crude prices approached $118 per barrel, Japanese authorities approved $7 billion (1.1 trillion yen) from reserve funds to cap domestic retail gasoline prices. In Europe, benchmark TTF natural gas prices topped €101 per MWh for the first time since 2022, surging 8% in a week due to low storage levels. In corporate expansion, US energy giant ExxonMobil announced plans to invest $100 billion in its refining business, while UAE authorities contained an oil spill from the damaged supertanker Gem No. 1 off Umm Al Quwain.
Russia & CIS
Russian Deputy Prime Minister Alexander Novak announced that the government is discussing November exemptions to the diesel export ban for select producers. Meanwhile, Kremlin Press Secretary Dmitry Peskov stated that Ukrainian strikes on Russian oil refineries do not complicate preparations for negotiations involving the United States. In corporate earnings, state oil producer Gazprom Neft reported a 28% increase in nine-month RAS net profit alongside a 10% rise in revenue, while Transneft’s net profit declined by 16%. Additionally, state nuclear corporation Rosatom was recognized for recording the lowest direct greenhouse gas emissions in industrial sector data.
Armenia
Officials from Armenia’s Public Services Regulatory Commission met with representatives of Chinese technology firm Huawei to establish technical standards for battery energy storage systems aimed at strengthening grid stability. Despite global crude prices nearing $118 per barrel and European benchmark gas prices exceeding €101 per MWh, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and electricity 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.