Jan 14, 2026 10:05 PM IST
Dow Jones Today | US Stock Market LIVE Updates: Oil market strengthens in Europe as Kazakh barrels run short
The oil market in Europe is strengthening sharply — bucking a global surplus — as reduced shipments from Kazakhstan and elsewhere tighten supply.
Smaller flows of Kazakhstan’s CPC Blend, as well as disruptions in Libya and some North Sea fields, have pushed up physical prices in the North Sea and Mediterranean. WTI Midland, a key grade for setting global benchmark Dated Brent, traded at a premium of $2.90 Tuesday, the highest in more than a year. The price of Azeri Light, a favourite among Mediterranean refiners, also soared to a one-year high.
While oil markets have been dominated by risks to supply amid turmoil in Iran and Venezuela at the start of the year, it’s Kazakhstan that has seen the most impactful short-term disruption.