OPEC said that Kazakhstan and Azerbaijan will become major oil suppliers to Europe.

OPEC said that Kazakhstan and Azerbaijan will become major oil suppliers to Europe

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09:28

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Trend News Network cited OPEC's report, which stated that in the long term, Kazakhstan and Azerbaijan will play a major role in supplying oil to Europe.

The report pointed out that by 2050, the crude oil and condensate supplied to Europe will remain at about 1.6 million barrels per day. Although this number is far lower than before the sanctions were implemented — when Russian oil could freely enter the EU — such supply levels indicate that alternative suppliers from the Caspian region, especially Kazakhstan and Azerbaijan, are increasingly strategically important.

The document mentioned that due to the EU's embargo on Russian oil, traditional supply routes have been changed. It is expected that imports from Russia and the entire Caspian region will decrease from 1.8 million barrels per day in 2024 to about 1.7 million barrels per day in 2030, and then drop to 1.6 million barrels per day by the end of the forecast period. Most of these supplies will come from non-Russian sources, with the resources of Kazakhstan and Azerbaijan accounting for a significant portion.

According to OPEC's forecast, Russia's oil supply to Europe is unlikely to return to pre-conflict levels. The report believes that this makes Kazakhstan and Azerbaijan more attractive as reliable and long-term oil suppliers to the European market.

Original: https://www.toutiao.com/article/7525728188664873508/

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