Azerbaijan accounts for 17% of total oil supplies to Italy

In January-August 2024, Italy imported 6,345,105 tons of oil from Azerbaijan, 13.8% less compared to the same period last year, Report informs, citing the Italian Ministry of Environment and Energy Security.

In the first eight months of this year, 3,205,888 tons of Azeri Blend (38% more) and 3,139,217 tons of Azeri Light brand oil (1.6 times less) were supplied to Italy.

During this period, Italy purchased Azeri Blend oil at $89.21/ barrel (January-August 2023 - $85.05/barrel), and Azeri Light brand oil at $88.98/barrel ($86.20/barrel).

Overall, Italy imported 37,895,379 tons of oil (4.3% less) in 8 months. Thus, 16.74% of supplies came from Azerbaijan.

In August, Italy imported 775,199 tons (14.2% less) of oil from Azerbaijan, including 436,187 tons of Azeri Blend oil (1.6 times more) and 339,012 tons of Azeri Light brand oil (1.9 times less).

In August, Italy purchased Azeri Blend oil at $85.34/barrel (August 2023 - $90.92/barrel) and Azeri Light brand oil at $88.13/barrel ($93.04/barrel).

Overall, in August, Italy imported 4,679,223 tons of oil (10.6% less), with Azerbaijani oil accounting for 16.6% of supplies.

Azerbaijan was Italy's largest oil exporter in 2023, supplying approximately 11.3 million tons of oil, which is 25% more than in 2022. Last year, Italy increased imports of Azeri Light oil by 17.8% to 7.3 million tons and Azeri Blend oil by 41.2% to 4 million tons compared to 2022.