The rise in oil prices has been a consequence of reduced export supplies of Kazakhstani crude, and the trend of increasing prices continues. This is particularly evident in relation to oil from Azerbaijan and the USA.
According to Bloomberg, the sharp reduction in Kazakh oil supplies has caused a significant increase in prices in the European market, despite the presence of a global surplus.
— Low volumes of CPC Blend from Kazakhstan, as well as supply disruptions from Libya and some North Sea fields, have led to a spike in prices in the markets of the North and Mediterranean Seas, — emphasizes the publication.
On Tuesday, the price of American oil WTI Midland was $2.9 higher than Brent, which is the highest value in the past year. Additionally, the price of Azerbaijani oil Azeri Light reached a record level for the same period.
Although at the beginning of 2026, the risks concerning the global oil market were associated with instability in Iran and Venezuela, the main blow has fallen on Kazakhstan. The reduction in supplies through the CPC pipeline has had the greatest impact on the market.
