Azerbaijan imports over $106M worth of oil in 1Q24

Azerbaijan imported 185,701 tons of oil in January-February 2024, Report informs referring to the State Statistics Committee.

According to statistical data, the cost of oil imported in the reporting period amounted to $106.040 million.

Compared to the same period last year, oil imports decreased by 45.2% in quantity and 47.2% in value.

In the structure of exports, the lion’s share of supplies fell to Russia, from where 126,323 tons of oil were imported in the reporting period (a decline of 29.9%) for $69.743 million (a decline of 34%).

Azerbaijan imported the remaining volumes of oil in January-February 2024 from Kazakhstan – 28,804 tons for $18.970 million and Turkmenistan – 30,574 tons for $17.325 million.

At the same time, the State Statistics Committee doesn’t specify the purpose for which oil was imported.

Azerbaijan imported 1.917 million tons of oil in 2023 (an increase of 2.9 times from the 2022 figure) for $1.77 billion (an increase of 2.4 times).

At the same time, oil imports from Russia in 2023 amounted to 1.303 million tons (an increase of 6.6 times) for $729.263 million (an increase of 5.5 times).