PROSPECTS FOR AZERBAIJAN’S PARTICIPATION IN THE DIVERSIFICATION OF ENERGY SOURCES AND REDUCING THE RISKS OF ENERGY SUPPLY FAILURE TO EUROPE

Abstract

The article considers the prospects for Azerbaijan's participation in the diversification of energy supplies to the European market, in the conditions of the energy crisis due to the difficult geopolitical situation in the world. Possible ways to reduce the serious risks of failures in the supply of energy resources while ensuring the energy security of the countries of the European continent are given. The negative impact of the crisis that has arisen in the energy market on the global energy supply chain to the EU countries and on the state of the world economy is analyzed. Steps taken by the EU to radically increase supply via traditional EU import routes as well as completely new sources of energy are examined. Various measures implemented by European countries to ensure their own energy security, including the diversification of the supply of energy resources used to generate energy, including through non-renewable mineral substances, renewable organic resources and a number of natural processes, are considered. The ongoing measures in connection with the energy crisis have been considered in order to reduce the negative consequences for the economies of the EU countries. The high potential of Azerbaijan is noted as a country rich in energy resources, and having all the necessary opportunities to influence the state of the gas market in Europe and diversify energy resources in the EU countries by expanding the export of Azerbaijani gas.