Azerbaijan becomes largest oil supplier to Italy in March

BAKU. May 4 (Interfax) - Azerbaijan became the top oil supplier to Italy in March 2023, according to data from the Italian Ministry of Ecological Transition.

In January, Azerbaijan was the second largest supplier, and in February, the third.

Oil imports to Italy in March increased 21.6% compared to the same period in 2022, to 5.416 million tonnes, the Ministry said.

Italy's top five oil suppliers are Azerbaijan, with 973,000 tonnes, of which Azeri Light is 617,000 tonnes and Azeri Blend is 357,000 tonnes; Iraq, with 738,000 tonnes, Saudi Arabia with 718,000 tonnes, Kazakhstan with 504,000 tonnes and Libya with 489,000 tonnes.

In March 2023, oil supplies from Azerbaijan to Italy increased 40.4% YoY, while in Q1 of this year they decreased 18.7% YoY to 2.183 million tons.

Russia has not delivered oil to Italy for the fourth month in a row.

In March, Azeri Light oil was purchased at $86.21/barrel, down 30% YoY; Azeri Blend at $84.27/barrel, down 29% YoY; and Kazakh CPC Blend and KEBCO at $83.04/barrel and $83.74/barrel respectively.

The average imported oil price for Italy in March 2023 was $82.54/barrel compared to $115.7 in March 2022. The most expensive variety was Escravos at $99.38/barrel, and the cheapest was Bravo at $70.29/barrel.