Saudi Arabia has reduced oil supplies to Europe.
Modern.az reports, citing Reuters, that Saudi Arabia has informed some European customers that crude oil shipments planned for September have been canceled. Oil loading at the Yanbu port in the Red Sea has also been suspended.
The reason for this is the damage to Saudi Arabia's East-West pipeline, which transports oil from the Gulf to the Red Sea, as a result of drone attacks. This route allowed oil to bypass the Strait of Hormuz and reach the Red Sea. After the incident, major buyers like Poland began searching for alternative suppliers. The price of some physical oil shipments in Europe has exceeded $120.
The problem with Saudi supplies further exacerbates the already complex situation in the European oil market. Russia's share in the European oil market has also sharply decreased compared to previous years. The EU currently imposes a ban on the import of Russian crude oil by sea and continues its policy of gradually reducing dependence on Russian energy.
In such a situation, Azerbaijan's oil exports to Europe attract special attention. According to the Ministry of Energy of Azerbaijan, in 2025, the country exported more than 21.1 million tons of crude oil to the European Union. This accounts for 90.2 percent of Azerbaijan's total crude oil exports. Italy remains Azerbaijan's main oil buyer in Europe, followed by the Czech Republic, Croatia, Germany, Romania, and Portugal.
In the first six months of 2026, Azerbaijan produced 13.3 million tons of oil and condensate, with exports totaling 10.5 million tons.
In addition, Azerbaijan's importance for Europe is not limited to oil. In the first half of 2026, Azerbaijan exported 5.9 billion cubic meters of natural gas to Europe.
