Azerbaijan’s oil exports down by 7% in Q124

Azerbaijan exported 6 million tons of oil (including condensate) in the first quarter of 2024, down 0.4 million tons, or 6.7%, from the previous year, Report informs, citing the operational data of the Ministry of Energy.

In January-March 2024, Azerbaijan International Operating Company (IOC) exported 5.2 million tons of oil, showing a decrease of 0.6 million tons, or 10.34%, compared to the same period last year.

During the reporting period, the State Oil Company of Azerbaijan (SOCAR) increased oil exports by 224,000 tons, or 38.9%, to 800,000 tons.