Kazakhstan Emerged as EU’s Third Largest Crude Oil Supplier

SEATTLE (Oil Monster): Kazakhstan became the third-largest supplier of crude oil to the EU region last year, according to the most recent study released by Econovis. According to the newly published research, the nation supplied 1.05 million barrels per day (Mb/d) to the region in 2024.

In 2024, the EU region bought 9.1 Mb/d of crude oil. The United States was the biggest supplier, contributing 1.40 Mb/d, or 15.4% of all EU imports. Norway, which accounted for 12.1% of imports into the region, came in second. The Norwegian supply were 1.10 Mb/d. With an 11.5% share of the year's total import volume, Kazakhstan was the third-largest provider.

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The other primary crude oil suppliers to the EU were Libya, Saudi Arabia, Iraq, Nigeria, Brazil, and the UK, the report said.

Kazakhstan has been raising production in defiance of the OPEC+ group's efforts to meet its production limitations. The nation has frequently failed to meet its OPEC+ output quotas.

By April of the following year, the nation has committed to reducing its total production by 1.3 million barrels in order to progressively make up for the excess. Several sources have provided tentative estimations that Kazakhstan's production will stabilize at about 1.8 million barrels per day (bpd).