Kazakhstan and Azerbaijan to be main oil suppliers for the Europe

In the long term, Kazakhstan and Azerbaijan will play a significant role in Europe's oil supply. This was reported by trend.az, citing an OPEC report.

As indicated in the report, the supply of crude oil and condensate to Europe will remain at about 1.6 million barrels per day until 2050. Although this is significantly less than the level before the sanctions, when Russian oil flowed freely to the EU, such a volume of supply demonstrates the growing strategic importance of alternative suppliers from the Caspian region, especially from Kazakhstan and Azerbaijan.

The document notes that due to the embargo imposed by the EU on Russian oil, traditional supply routes have been redirected. Imports from Russia and the Caspian region as a whole are expected to decline from 1.8 million barrels per day in 2024 to around 1.7 million barrels per day by 2030, and to 1.6 million barrels by the end of the forecast period.

However, most of these supplies will be non-Russian, with a significant share coming from Kazakhstan and Azerbaijan.

OPEC forecasts that Russian oil supplies to Europe are unlikely to return to pre-conflict levels. This, according to the report, makes Kazakhstan and Azerbaijan more attractive as reliable and long-term suppliers of oil to the European market.

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