Italy cuts oil imports from Azerbaijan nearly 18% in 2024

BAKU. Feb 25 (Interfax) - Italy cut imports of oil from Azerbaijan 17.7% year-on-year to 9.3 million tonnes in 2024, Italy's Ministry of Environment and Energy Security said in materials.

Azerbaijan boosted supplies of Azeri Blend oil 12.9% year-on-year to 4.5 million tonnes last year, while cutting supplies of Azeri Light oil 33.3% year-on-year to 4.8 million tonnes.

Italy purchased Azeri Blend totaling $86.34 per barrel in 2024 versus $86.31 per barrel in 2023 and Azeri Light totaling $85.83 per barrel against $89.21, respectively.

Italy overall cut imports of oil 7.4% year-on-year to 56.7 million tonnes in 2024, thus Azerbaijan accounted for 16.4% of supplies.

The list of major oil suppliers to Italy included Libya at 11.9 million tonnes, Kazakhstan at 8.3 million tonnes, Iraq at 5.3 million tonnes, the United States at 4.9 million tonnes, Saudi Arabia at nearly 4 million tonnes, and Nigeria at 3.9 million tonnes in addition to Azerbaijan, which placed second among suppliers.