Antalya: The situation in the Strait of Hormuz has a serious impact on global energy security, Azerbaijan’s Minister of Energy, Parviz Shahbazov, revealed during his speech at the 5th Antalya Diplomacy Forum. He highlighted that approximately 12 million barrels of oil per day are currently blocked in the Strait of Hormuz.
According to Azeri-Press News Agency, the minister emphasized that a significant portion of this oil is destined for Europe. He also noted that more than 8% of liquefied natural gas, 7% of oil, and 40% of aviation fuel and diesel are delivered to Europe via the Strait of Hormuz. Shahbazov underscored that Europe is particularly vulnerable to developments in this critical maritime passage.
Further elaborating on the issue, Shahbazov pointed out that 90% of energy supplies are directed to Asia, making the crisis a global concern, not just a European one. He stressed the need for a long-term perspective in establishing energy security, which cannot be achieved quickly.
Azerbaijan has been proactive in diversifying its oil and gas exports, the minister stated. The country currently exports oil to around 20 nations, including those in Europe and Asia. In recent years, Azerbaijan has expanded its natural gas exports to European countries, with 10 out of the 16 countries receiving supplies being European Union members.
Shahbazov also highlighted Azerbaijan’s role as a responsible partner within OPEC+, actively participating in resolving global energy market issues and sometimes taking on a mediating role.