The geopolitics of global energy has changed significantly since the beginning of the 21st century. Despite the increasing importance of natural gas, which is examined in this study, along with that of electricity, oil continues to hold critical importance.

Two member states of the OSCE, Russia and Azerbaijan, play disproportionately significant roles in determining the way the global oil market ultimately balances. Similarly, various other OSCE member states play important roles in the key issue of energy transportation.

Within the framework of EU-Russia relations - and thus within the framework of the OSCE - both Russia, as the largest energy producer in the world, and the EU, as the largest energy importer in the world, can benefit from a long-term strategic agreement between them that leads to mutual energy security.

This study aims to contribute to the development of an energy strategy for the OSCE and represents a significant contribution to the research effort initiated by DIKEMEP over the previous years, focusing mainly on energy security issues in the broader region of the Black Sea. [Excerpt from the text on the back cover of the publication]