Kazakhstan and Azerbaijan will be the main oil suppliers to Europe — OPEC

In the long term, Kazakhstan and Azerbaijan will play a major role in providing Europe with oil. This, with reference to the OPEC report, reports trend.az .

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

The document notes that due to the embargo of the European Union on Russian oil, traditional supply routes have been redirected. It is expected that imports from Russia and the Caspian region as a whole will decrease from 1.8 million barrels per day in 2024 to about 1.7 million barrels by 2030 and will decrease to 1.6 million barrels per day by the end of the forecast period. At the same time, most of these supplies will fall on non-Russian volumes, a significant part of which will be the resources of Kazakhstan and Azerbaijan.

According to OPEC forecasts, it is unlikely that Russian oil supplies to Europe will return to the previous volumes that were before the conflict began. This, according to the report, makes Kazakhstan and Azerbaijan more attractive as reliable and long-term oil suppliers for the European market.