Azerbaijan's BTC pipeline dilemma and the future of the Caspian Energy Corridor

Despite the stable oil exports of Azerbaijan countries, BTC pipeline exports fell by 4% year-on-year as of October 2024 due to high costs and infrastructure restrictions. The pipeline costs three times the cost of the CPC pipeline and faces underutilization and geopolitical risks. In 2024, Kazakhstan exported only 1.4 million tons through BTC pipelines, while 55.4 million tons through CPC pipelines, highlighting the systemic vulnerability of the Caspian Energy Corridor.