Italy spends $6.7 billion on oil imports from Azerbaijan in 11M 2023

BAKU. Jan 24 (Interfax) - Italy reduced its oil importing costs from Azerbaijan 1% in 11M 2023 versus the same period in 2022, to approximately $6.7 billion, Interfax calculates based on Eurostat data.

During the reporting period, Italy imported approximately $4.5 billion worth of Azeri Light oil (+1.6% YoY), and approximately $2.2 billion of Azeri blend (-5% YoY).

In November 2023, Italy imported approximately $365.4 million worth of oil from Azerbaijan (+16% YoY), consisting of approximately $115.4 million worth of Azeri Light brand (a 2.1-fold decrease), and about $250 million worth of Azeri Blend (a 3.6-fold increase).

As previously reported, in 11M 2023, Azerbaijan retained its status as Italy's largest oil supplier, with exports of nearly 10.2 million tonnes of oil, a 24.4% increase YoY.

During the reporting period, Italy increased imports of Azeri Light oil 24.5% YoY, to approximately 6.8 million tonnes, while Azeri Blend increased 24.2% to 3.4 million tonnes.

In 11M 2023, Italy purchased Azeri Light oil for $89.23/barrel (-17.9% YoY) and Azeri Blend for $87.12/barrel (-23.5% YoY). Italy also purchased Kazakhstani CPC Blend and KEBCO at $82.59/barrel and $85.1/barrel, respectively.

Italy's average import price in 11M 2023 was $85.75 per barrel (a 15.4% decrease YoY). The most expensive variety was Qua Iboe (N.LIGHT. BBQ) at $105.17/barrel, while the cheapest, Bravo, cost $70.29/barrel.