Italy increases imports of Azerbaijani oil 25% in Jan-Oct
BAKU. Dec 15 (Interfax) - Based on the results of January-October 2023, Azerbaijan retained its status as the largest supplier of oil to Italy, with an 18.8% share.
Interfax calculations based on data from the Italian Ministry of Environment and Energy Security show that Azerbaijan shipped 9.6 million tonnes of oil to Italy in January-October, which is 24.7% more than in the same period last year.
Imports of Azeri Light oil increased 29.4% to 6.6 million tonnes, and Azeri Blend increased 15.4% to 3 million tonnes.
In total, Italy imported 51 million tonnes of oil over 10 months (a decrease of 2.3%). The top five main suppliers also included Libya (8.7 million tonnes), the U.S. (6.4 million tonnes), Iraq (5.9 million tonnes) and Kazakhstan (5.5 million tonnes).
In October 2023, shipments of Azerbaijani oil to Italy increased 21.1% year-on-year to 947,000 tonnes, including Azeri Light, up 2.6% to 710,000 tonnes, and Azeri Blend up 2.6 times, to 237,000 tonnes.
Total oil imports to Italy in October increased 3.1% to 5.5 million tonnes. The main suppliers, in addition to Azerbaijan, were Libya (1 million tonnes), Kazakhstan (719,000 tonnes), the U.S. (672,000 tonnes) and Saudi Arabia (559,000 tonnes).
From January through October, Azeri Light was purchased for $89.22 per barrel (a decline of 18.5% year-on-year), Azeri Blend cost $87.03 (a decline of 23.8%), and Kazakhstani CPC Blend and KEBCO, for $82.36 and $84.52 respectively.
The average import price for 10 months was $85.53 per barrel (a decline of 16.5%). The most expensive variety was Qua Iboe ($105.73), while the cheapest was Sarir ($55.4).
In October, Azeri Light was purchased for $98.38 per barrel (a 3.6% decline), Azeri Blend cost $91.98 (a 10% decline), and Kazakhstan's CPC Blend and KEBCO - for $91.56 and $95.71, respectively.
The average import price for the month was $95.28 per barrel (a 2.3% increase). The most expensive variety was Qua Iboe ($105.73), while the cheapest was Patos Marinza ($82.18).