The West is running out of oil: Europe turns to Azerbaijan

The situation in the global oil market is becoming increasingly tense.

TodayPress TV reports that, according to the latest data, proven oil reserves in Western countries account for only a very small share of global reserves, while strategic reserves are also declining rapidly.

According to official data as of the end of 2025, proven oil reserves worldwide stood at approximately 1.76–1.78 trillion barrels. The vast majority of these reserves are concentrated in the Middle East and Latin America:

• Venezuela – 303 billion barrels

• Saudi Arabia – 267 billion barrels

• Iran – 208.6 billion barrels

• Canada – 163–170 billion barrels

• Iraq – 145 billion barrels

• UAE – 113 billion barrels

• Kuwait – 101.5 billion barrels

• Russia – 80 billion barrels

US reserves are estimated at between 40 and 83 billion barrels, depending on the source. The situation is even more difficult for European countries. Norway has approximately 7 billion barrels of reserves, while the United Kingdom has around 1.5 billion barrels. Proven reserves in other Western European countries, including Germany, France, Italy and Spain, are negligible.

The situation is also unfavorable in terms of strategic petroleum reserves (SPR). According to data from September 2026, the United States’ Strategic Petroleum Reserve has fallen to 283–285 million barrels, its lowest level since 1982. Reserves in Germany, France and other European countries are also at or below the 90-day minimum requirement.

The conflict involving Iran, which has continued since the beginning of 2026, has seriously disrupted the oil market. Oil flows through the Strait of Hormuz have declined significantly, while exports of nearly 10 million barrels of oil and petroleum products per day from the Middle East have been disrupted.

Since the beginning of the conflict, 500–650 million barrels of oil have reportedly been drawn from global reserves. The G7 countries and the International Energy Agency (IEA) have decided to release 100 million barrels from strategic reserves. Nevertheless, the market has yet to return to balance, with Brent crude remaining around $100 per barrel.

Against this backdrop, Azerbaijan’s role is drawing particular attention. In 2025, Azerbaijan exported more than 23 million tonnes of oil, with the bulk of it shipped to European countries.

Italy was the largest buyer, importing approximately 13 million tonnes. The Czech Republic, Romania, Germany, Portugal, Greece and other European states were also among the main consumers of Azerbaijani oil. During the first eight months of 2026, Italy, the Czech Republic and Romania again remained among the leading buyers.

Azerbaijan’s oil is an important alternative source for Western countries both in terms of diversification and energy security. Particularly amid instability in the Middle East, supplies from Baku contribute to maintaining stability in the European oil market.

Turkan Iskandarli