EAEU countries reach agreement on oil. Common market could be launched as early as 2027

At the meeting of the Supreme Eurasian Economic Council of Heads of State on December 21 in St. Petersburg, discussions focused on the formation of a common market for oil and petroleum products as one of the key areas of integration for the period 2025+.

During the meeting, the current work on harmonizing national approaches in the oil industry was reviewed. The heads of state confirmed that the Agreement on the Formation of a Common Market for Oil and Oil Products of the EAEU is scheduled to enter into force on January 1, 2027. This will be an important step in deepening economic integration in the energy sector.

The meeting participants emphasized that the creation of a common oil market requires the development of uniform and transparent trade rules, increased predictability of supplies and prices, and the strengthening of the energy security of the Union states. Particular attention was paid to the need for further coordination of actions and consistent implementation of previously reached agreements.

The heads of state expressed their readiness to continue joint work on the formation of a stable and balanced market for oil and oil products within the EAEU, considering it one of the basic pillars of the next stage of Eurasian integration and a factor in increasing the sustainability of national economies.