The International Energy Agency projects European gas hub prices to leap 55% in 2026, while Middle Eastern gas consumption faces a record 10% decline. Meanwhile, Somali pirates hijacked an Iranian vessel in the Indian Ocean, and Saudi Aramco anticipates rising global oil and condensate demand.
Global market
Somali pirates hijacked the Iranian fishing vessel Azini with 23 crew members on board between Bandar Bayla and Hafun in northeastern Somalia. The Maritime Security Center Indian Ocean warned that the vessel could serve as a floating mother ship for attacks on commercial shipping lanes. In maritime manufacturing, Finnish equipment provider MacGregor achieved record Q3 2026 profitability, backed by strong order intake across all divisions. In Türkiye, the number of active shipyards expanded from 37 in 2002 to approximately 85, driving a surge in repair and maintenance capacity across Tuzla, Yalova, and Kocaeli.
Russia & CIS
The International Energy Agency projects European spot natural gas prices to surge 55% in 2026, with Asian LNG spot prices on the JKM index expected to jump by 60%. The IEA also forecasts a historical 10% drop in Middle Eastern gas demand due to regional conflict. Concurrently, state energy giant Saudi Aramco projected growth in global demand for crude oil and gas condensate. In regional policy, Romanian State Secretary of Energy Marius Posa indicated that Romania would not refuse Russian gas imports if sanctions are eased. Meanwhile, environmental authorities in Krasnodar Krai reported that the sinking of two Volgoneft tankers killed over 13,000 birds.
Armenia
Projections from the IEA warning of a 55% leap in European gas prices and a 60% jump in Asian LNG prices underline global market volatility. Heightened maritime risks following the hijacking of the Iranian vessel Azini near key shipping routes further complicate regional energy logistics. Despite global market turbulence and rising European gas prices, retail prices for petrol, diesel, and compressed natural gas in Armenia remain stable. Direct natural gas imports from Russia and power generation at the Armenian Nuclear Power Plant continue at full capacity under long-term EAEU contracts, shielding domestic consumers from global price shocks recorded in international market price assessments.