Azerbaijan’s oil imports down

Azerbaijan imported 742,348 tons of oil, valued at just over $415.7 million in the initial five months of 2024, Report informs, citing the country's State Statistical Committee.

Compared to the corresponding period of last year, oil imports fell by 18.1% in volume and by 19.3% in value.

During the reporting period, Azerbaijan supplied most of the oil imports from Russia. Thus, just over 616,200 tons of oil, valued at more than $338.5 million were imported from this country, representing an increase of 34.3 percent in volume and 32.4 percent in value from the same period of last year.

At the same time, Azerbaijan imported the remaining volume of oil from Kazakhstan (34,593 tons worth over $22.8 million) and Turkmenistan (91,554 tons worth over $54.3 million).

Meanwhile, in 2023, Azerbaijan imported approximately 1.918 million tons of oil worth just over $1.077 billion, showing an increase of 2.9 times and 2.4 times, respectively, compared to 2022.