Azerbaijan cuts oil exports 9.4% in 2024; Italy purchases 46.4% - State Customs Committee

BAKU. Jan 23 (Interfax) - Azerbaijan cut exports of declared oil, stock-keeping unit 2709, 9.4% year-on-year to around 23.596 million tonnes in 2024, the country's State Customs Committee (SCC) said.

The overall value of exported oil declined 11.1% year-on-year to over $14.437 billion in the period. The share of oil in Azerbaijan's overall export structure rose to 54.37% from 47.91% in 2023.

The SCC said that 25 countries purchased Azerbaijani oil in the reporting period, with Vietnam joining the list of countries in December, and Italy remaining the main importer, accounting for 46.4% of supplies. The Czech Republic, Croatia, India, and Germany were also among the top five countries purchasing Azerbaijani oil.

Structure of Azerbaijan's oil exports by purchasing countries in 2024:

Countries Volume, tonnes Cost, $ '000 TOTAL 23 596 132.23 14 437 355.99 Italy 10 950 355.57 6 754 416.21 Czech Republic 1 770 234.87 1 081 932.85 Croatia 1 436 178.46 873 398.61 India 1 168 876.01 729 796.92 Germany 1 164 752.04 726 014.74 Israel 1 173 002.75 713 268.03 Portugal 1 005 213.63 631 169.31 Romania 750 196.86 437 801.43 UK 659 515.53 396 129.55 Tunisia 446 158.56 279 670.09 Thailand 376 876.1 234 238.66 Turkey 430 522.14 232 411.46 Greece 368 732.32 224 266.99 Indonesia 310 833.01 178 463.01 Serbia 241 179.61 151 905.17 Spain 250 395.80 142 979.29 Ireland 236 571.80 139 774.63 Netherlands 168 985.69 106 838.99 France 152 571.03 88 203.85 Uruguay 138 719.62 85 099.83 Vietnam 138 495.13 77 885.77 Poland 90 150.50 57 363.56 Austria 85 868.91 47 903.69 Bulgaria 80 853.09 45 989.25 Uzbekistan 893.20 434.09