Azerbaijan’s crude oil exports to Türkiye plummet in 1H2024

Azerbaijan exported just over 240,128 tons of crude oil worth approximately $133.9 million to Türkiye in the first half of 2024, Report informs, citing the State Customs Committee of Azerbaijan.

Compared to the corresponding period in 2023, this is a sharp decrease of 4 times in volume and 4.1 times in value.

During the first six months of 2024, the share of crude oil exported to Türkiye in Azerbaijan's total oil exports stood at 2.17%.

Overall, Azerbaijan exported just under 11.1 million tons of crude oil and related products obtained from bituminous rocks, valued at just over $7.012 billion in January-June of 2024.

During the reporting period, Azerbaijan conducted trade transactions with foreign countries worth just over $21.768 billion in the initial six months of 2024, representing a 16.8% decline year-on-year. Of that, $12.901 billion accounted for exports and just over $8.867 billion fell to imports.