Italy increases imports of Azeri Blend crude oil from Azerbaijan by nearly 30%

In January-November 2024, Italy imported 8,649,662 tons of oil from Azerbaijan, 14.9% less compared to the corresponding period of 2023, Report informs, citing Italy's Ministry of Environment and Energy Security.

During the 11 months, 4,363,737 tons of Azeri Blend (+29.8%) and 4,285,925 tons of Azeri Light crude oil (-37%) were supplied to Italy.

During the reporting period, Italy purchased one barrel of Azeri Blend crude oil for $86.54 ($87.12 a year ago), and one barrel of Azeri Light crude oil for $86.64 ($89.23 a year ago).

In total, during the 11 months of last year, Italy imported 51,189,688 tons of oil (-7.4%). Thus, 16.9% of supplies accounted for Azerbaijan.

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