According to Experts Club, the global oil market has entered a phase of a major fuel crisis following more than half a year of declining commercial stocks of crude oil and petroleum products, while the options for further drawing on strategic reserves are becoming increasingly limited, The Wall Street Journal reports, citing executives from the largest U.S. oil companies.
As the publication notes, U.S. oil companies have been warning for several months that prolonged restrictions on shipments through the Strait of Hormuz would ultimately lead to a fuel shortage. Now, according to their assessment, that moment has arrived.
Global commercial fuel stocks have been declining for more than six months. At the same time, governments have already been actively drawing on strategic reserves to keep prices in check, so the volume of available additional supply has dropped significantly. The WSJ emphasizes that this does not mean government reserves have physically run out, but rather that the scope for new large-scale interventions is becoming significantly narrower.
Chevron CEO Mike Wirth stated as early as September 11 that the reserves and other mechanisms that had kept oil prices from rising for several months “have largely run their course.” According to him, global commercial oil reserves were at high levels at the beginning of the year, but by September they had declined significantly.
The attack on the East-West oil pipeline in Saudi Arabia—which allows oil to be exported bypassing the Strait of Hormuz—dealt an additional blow to the market. Analysts estimate that after the pipeline was shut down, at least 2.5 million barrels of oil per day disappeared from the market.
The International Energy Agency (IEA) also confirms these supply issues. The agency describes the situation as the largest disruption to oil supplies in the history of the global market. Before the crisis, approximately 15 million barrels of crude oil and another 5 million barrels of petroleum products passed through the Strait of Hormuz daily, which together accounted for about 20% of global oil consumption.
To stabilize the market, IEA member countries agreed back in March to release 400 million barrels of oil from emergency reserves—the largest such release in the agency’s history. However, as the crisis drags on, this reserve mechanism is becoming less effective.
According to the latest available IEA data, from the start of the Middle East crisis through the end of July alone, global observed oil stocks fell by approximately 410 million barrels, or an average of 2.7 million barrels per day. Total stocks fell below 7.9 billion barrels for the first time since April 2025.
The situation is particularly tense in the diesel and jet fuel markets. The IEA notes a sharp decline in international shipments of petroleum products and a record increase in refining margins. Diesel exports from Russia, the Middle East, and Asia were approximately 1.3 million barrels per day lower than last year’s level, accounting for about one-fifth of global seaborne diesel trade.
An additional risk stems from China. In previous months, the country had cut imports and partially drawn down its own stockpiles, helping to curb global demand. However, by August, Chinese refineries were already processing more crude oil than was supplied by current imports and domestic production, prompting the country to draw down its stockpiles more aggressively.
Against this backdrop, Brent crude is once again trading above $100 per barrel. Following a new attack on Saudi infrastructure, Brent prices rose to approximately $107.5 per barrel on September 15, while WTI prices climbed above $103.
The IEA identifies the restoration of full-scale oil and petroleum product shipments through the Strait of Hormuz as the key factor capable of quickly stabilizing the market. Without this, the global economy will remain vulnerable to new disruptions, as a significant portion of the reserves that helped the world weather the first months of the crisis has already been depleted.
Source: The Wall Street Journal article “Oil Executives Say the Great Fuel Crisis Is Here” dated September 15, 2026.
According to Experts.news, Ukraine increased its imports of transformers, inductors, and chokes by 49% in January–August 2026 compared to the same period last year—to $1.02 billion—with China accounting for nearly 88% of all shipments of these products, according to data from the State Customs Service.
Over the eight-month period, Ukraine imported $890 million worth of transformers, inductors, and chokes from China, accounting for 87.7% of total imports in this product category.
A year earlier, imports from China totaled $563.4 million, or 82.7% of Ukraine’s imports. Thus, over the course of the year, China not only significantly increased the volume of its exports but also raised its share of the Ukrainian market by approximately 5 percentage points.
Turkey and Germany remained other major suppliers. Turkey accounted for about 3% of imports, while a year earlier its share was 2.5%. Germany’s share, conversely, fell from 5.8% to 1.4%.
The growth rate of transformer equipment imports has been gradually slowing throughout 2026. In the first quarter, imports increased by 81% year-over-year; in the first half of the year, by 63%; and from January through August, growth stood at 49%.
In August 2026, Ukraine imported transformers, inductors, and chokes worth $115.7 million, which is 7.7% more than in August of last year.
The high volume of purchases of transformer equipment persists amid the need to restore and modernize Ukraine’s energy infrastructure.
In March 2026, the Cabinet of Ministers removed transformers from the list of goods that could be imported on preferential terms under agreements with the EU Secretariat. In May, the European Business Association appealed to First Deputy Prime Minister and Minister of Energy of Ukraine Denys Shmyhal with a proposal to temporarily exempt certain types of power transformers from import duties and VAT.
At the same time, Ukraine continues to export its own transformers and related electrical equipment. From January through August 2026, the value of these exports totaled nearly $24.8 million, compared to $19.9 million a year earlier. The main export markets were Germany, Poland, and Hungary.
By comparison: for the full year of 2025, Ukraine imported transformers, inductors, and chokes worth $1.12 billion, which was 88% higher than the 2024 figure. Imports from China rose 2.3-fold during that period—to $957.3 million.
Thus, in just the first eight months of 2026, the volume of Ukraine’s imports of these products approached the figure for the entire previous year, and China further solidified its status as a key supplier of transformer equipment to the Ukrainian market.
Bitcoin mining profitability rebounded significantly in August 2026 thanks to a sharp rise in the price of the largest cryptocurrency, but the industry’s economics remain substantially weaker than last year’s levels, according to Fixygen.
According to the monthly Luxor Hashrate Index report published on September 8, the dollar-denominated hashprice—the estimated miner’s revenue per unit of computing power—started August at $31.63 per PH/s per day and ended the month at $39.33, an increase of 24.4%.
This marked the strongest monthly growth in the metric since November 2024. On August 27, the hashprice temporarily rose above $40 for the first time in 220 days.
Bitcoin was the main driver behind the improvement in mining economics. In August, its price rose from $62,889 to $78,312, an increase of 24.5%. The average BTC price for the month increased by 8.7% to $69,263.
The average hashprice for August was $34.63, compared to $31.21 in July, an increase of 10.9%.
However, even after this recovery, profitability remains significantly lower than last year’s levels. The average August hashprice was approximately 32% lower than the 2025 average of $50.68 per PH/s per day.
Relatively stable network difficulty provided additional support to miners. In August, two adjustments nearly offset each other, and the net change amounted to approximately minus 0.34%. The average difficulty was 2% lower than in July.
However, as early as September 5, network difficulty rose by 1.31% as some of the computing power that had previously been taken offline began returning to the network. Luxor notes that mining activity is recovering following the hashrate decline in June and July.
The increase in computing power could once again put pressure on profitability. The more equipment competes for a fixed block reward, the smaller the share of revenue per unit of hashrate.
The situation also remains challenging for less efficient equipment. According to Luxor’s estimates, devices with energy efficiency of 25–38 J/TH generated an average energy yield of about $45 per MWh in August, while the average grid electricity cost was about $48 per MWh. This means that some older equipment remains at or below the break-even point.
As a result, August provided miners with a noticeable respite, but the sustainability of the recovery will depend on three factors at once: Bitcoin prices, network difficulty, and the cost of electricity.
DTEK invested 101.7 billion hryvnia in Ukraine’s energy sector from 2022 to 2025, the energy holding company announced on Thursday.
“We are restoring facilities destroyed by the enemy, building new capacity, and bringing global technology and financial partners on board for Ukrainian projects,” the statement said.
In total, Rinat Akhmetov’s SCM Group, which includes DTEK, has invested more than $4.3 billion in Ukraine since the start of the war, of which approximately $1 billion has gone toward restoring facilities destroyed by Russia.
SCM is now launching the global “Invest in Ukraine” initiative, calling on the international business community to invest in Ukraine today, without waiting for the war to end.
“Millions of people will see its message: Shakhtar will play the group stage of the 2026–27 Champions League in jerseys bearing the ‘Invest in Ukraine’ slogan,” DTEK reported.
Ukraine needs investments, new projects, and international partners right now, the energy holding company emphasized.
DTEK, ENERGY, INVESTMENT, SCM, UKRAINE
Turkey intends to participate in the Caspian Sea–Black Sea–Europe energy corridor (Black Sea Energy) project, which is designed to ensure the supply of “green” electricity from the South Caucasus to the European Union market, said Turkish Minister of Energy and Natural Resources Alparslan Bayraktar.
According to him, the project involves connecting the power grids of Azerbaijan and Georgia, followed by the transmission of electricity via an undersea cable across the Black Sea to Romania and on to Hungary. At the invitation of the Azerbaijani side, Turkey expressed its intention to join the initiative and supported its implementation.
Ankara’s interest in the project is also confirmed by preliminary negotiations with Baku. On August 1, Azerbaijan’s Minister of Energy Parviz Shahbazov reported following a meeting with Bayraktar in Istanbul that the parties had discussed Turkey’s potential cooperation within the framework of the “Caspian–Black Sea–Europe” energy corridor and had also agreed to accelerate the implementation of other joint energy projects.
According to Bayraktar, cooperation between Turkey and Azerbaijan in the electricity sector is currently developing along three fronts.
The first involves integrating Nakhchivan’s power grid with Turkey’s and organizing electricity exchanges. In the future, this route could be connected to the main territory of Azerbaijan via the Zangezur Corridor.
The second direction is the “green” energy corridor connecting Azerbaijan, Georgia, Turkey, and Bulgaria. It is intended to facilitate the export of renewable electricity generated in Azerbaijan through Georgia and Turkey to Bulgaria and onward to EU markets. In August 2026, Baku and Ankara separately agreed to accelerate the implementation of this project.
The third initiative is Black Sea Energy itself. The main participants in the project remain Azerbaijan, Georgia, Romania, and Hungary. The four countries signed an agreement on strategic partnership in the development and transmission of “green” energy in Bucharest on December 17, 2022. The European Union supports the project, viewing it as a new supply route for renewable electricity from the South Caucasus to the EU.
In July 2026, the project moved to the next phase of implementation following the completion and approval of feasibility studies. The project operator, Green Energy Corridor Power Company, has begun developing the conceptual design, engineering solutions, and procurement strategy.
According to recent statements by the Azerbaijani side, the plan is to gradually export up to 3.9–4 GW of green electricity through the corridor, starting in 2032. The project has also been included in the TYNDP 2026 portfolio of the European Network of Transmission System Operators for Electricity (ENTSO-E).
A key infrastructure element will be a high-voltage subsea direct-current cable between Georgia and Romania. The preliminary construction cost is estimated at approximately 3.5 billion euros, with a construction period of three to four years. It was previously reported that up to 2.3 billion euros in European funding could be secured. However, in the latest Global Gateway documents, 2.3 billion euros is also cited as the indicative investment amount for the strategic Black Sea electricity interconnector, so the final financing structure for the project is still to be finalized.
The European Commission views Black Sea Energy as one of the tools for diversifying the EU’s energy supply and integrating renewable generation from the South Caucasus. The project is intended to connect the Caspian Sea region to the European power grid via Georgia and Romania, while also strengthening the energy resilience of the participating countries.
If Turkey joins, the project will take on additional significance, as Ankara will be able to participate in several parallel transmission routes for Azerbaijani “green” electricity to Europe—via the Black Sea and via the Turkey–Bulgaria overland corridor.
To help Ukraine repair and strengthen its energy infrastructure ahead of another winter under attack from Russia, Canada has announced new support.
The announcements were made during Ukrainian President Volodymyr Zelenskyy’s visit to Canada and his meeting with Canadian Prime Minister Mark Carney
According to the website of the Office of the Prime Minister of Canada, the Canadian government will provide the European Bank for Reconstruction and Development with new loan guarantees totaling nearly 435 million Canadian dollars to support energy security, including the purchase of natural gas during the winter and backup generators for electricity production during shortages.
Canada is allocating 200 million Canadian dollars in concessional loans through Export Development Canada to support Ukraine’s reconstruction. As emphasized by the Prime Minister’s Office, this will help Ukraine repair critical infrastructure while providing Canadian companies with the opportunity to support critical projects.
The support package includes an additional 10 million Canadian dollars for the Ukraine Energy Support Fund, bringing the total to $100 million, to support Ukraine’s energy infrastructure, including the procurement and delivery of critical energy equipment to enhance Ukrainians’ resilience to energy disruptions.
In addition, Canada announced a contribution of 2 million Canadian dollars to the International Energy Agency’s (IEA) Joint Work Program to support the development of Ukraine’s energy resources. This funding will strengthen Ukraine’s energy resilience, provide regulatory support, and promote clean energy projects.
