Italy cuts imports of Azerbaijani oil 13% in 5M

BAKU. Aug 5 (Interfax) - Italy reduced oil imports from Azerbaijan 12.9% year-on-year in January-May to 3.722 million tonnes, the Italian Ministry of Environment and Energy Security said.

This included 1.574 million tonnes of Azeri Light, down 52.4%, and 2.149 million tonnes of Azeri Blend, up 2.1-fold.

Italy bought Azeri Light for $90.62/bbl in 5M 2024 compared with $86.42 million a year previously, and Azeri Blend for $90.02/bbl and $86.88.5/bbl, respectively.

Italy imported 24.041 million of oil in total in 5M, down 2.7% year-on-year. Azerbaijan supplied 15.5% of this.

The top five suppliers to Italy in 5M 2024 apart from were Azerbaijan were Libya with 5.368 million tonnes, Kazakhstan with 3.738 million tonnes, Iraq with 2.269 million tonnes, the United States with 2.265 million tonnes, Saudi Arabia with 1.833 million tonnes and Nigeria with 1.518 million tonnes.

Azerbaijan was the largest oil exporter to Italy in 2023, shipping about 11.3 million tonnes of oil, 25% more than in 2022. Azeri Light imports rose 17.8% to 7.3 million tonnes and Azeri Blend imports rose 41.2% to 4 million tonnes.