OPEC+ alliance members agreed in principle to keep December crude oil output targets unchanged, while US oil major Chevron increased exploration spending by 50%. Meanwhile, an oil tanker caught fire after striking mines in the Strait of Hormuz, and US-Iran diplomatic tones shifted.
Global market
US supermajor Chevron will increase its global exploration spending by 50%, shifting focus from the Permian shale basin toward frontier offshore blocks in South America, Africa, and the Eastern Mediterranean, including Guyana, Angola, Namibia, and Nigeria. In Europe, the United Kingdom approved the development of the Jackdaw North Sea gas field on October 21, operated by Adura—a joint venture between Shell and Equinor located 240 km east of Aberdeen—following years of legal challenges over the UK’s energy transition timeline.
Russia & CIS
OPEC+ member countries agreed in principle to hold December crude oil production targets unchanged, according to Reuters sources. Maritime risks in the Middle East intensified as the Iranian Navy reported that another oil tanker struck mines in the eastern Strait of Hormuz, triggering a fire on board. In domestic transport infrastructure, Russian authorities introduced temporary flight restrictions at airports in Nizhny Novgorod, Samara, and Ulyanovsk.
Armenia
Secretary of Iran’s Supreme National Security Council Mohsen Rezaei stated that Washington’s tone in bilateral dialogue with Tehran has shifted, following reports that US Vice President JD Vance transmitted a message on instructions from US President Donald Trump. Despite naval mine incidents in the Persian Gulf and global supply adjustments, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas supplies from Russia and power 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.