The decrease in export supplies of Kazakh raw materials has led to an increase in oil prices on the global market. Prices for oil from Azerbaijan and the USA are also rising.
According to Bloomberg, the reduction in Kazakh oil supplies has caused a sharp rise in prices in the European market, despite a global surplus. The decrease in CPC Blend volumes from Kazakhstan, as well as disruptions in supplies from Libya and some North Sea fields, have contributed to the increase in prices in the northern and Mediterranean markets, the publication reports.
Against this backdrop, American oil WTI Midland is trading on Tuesday at a premium of $2.9 to Brent, the highest level in over a year. The price of Azerbaijani oil Azeri Light has also reached a record high over the past year.
Although at the beginning of 2026, risks for the global oil market were associated with the unstable situation in Iran and Venezuela, the main impact turned out to be linked to Kazakhstan. The reduction in supplies through the CPC pipeline has become the most noticeable factor affecting the market.
