Italy shares data on oil imports from Azerbaijan

Italy imported approximately 2.55 million tons of oil from Azerbaijan in the initial four months of 2024, which is 27.3% less year-on-year, Report informs, referring to Italy's Environment and Energy Security Ministry.

Over the course of four months, Italy imported almost 1.13 million tons of Azeri Light, and just under 1.42 million tons of Azeri Blend oil from Azerbaijan, representing a decrease of 56.2% and 53.3%, respectively year-on-year.

In total, about 18.2 million tons of oil were imported to Italy in January-April 2024, showing an 11.1% decline from the same period of last year.

Thus, Azerbaijan had a 14% share in Italy's total oil imports for four months.

In April alone, Azerbaijan exported 447,388 tons of oil to Italy, which a 66.2% less than year-on-year. Of the mentioned volume, 263,756 tons accounted for Azeri Light and 183,632 tons for Azeri Blend brand. This is a decrease of 75.1% and 30.3%, respectively from April 2023.

Overall, Italy imported just over 3.74 million tons of oil in April 2024, which is a 32.1% drop year-on-year.

Along with Azerbaijan, Libya (777,953 tons), Kazakhstan (736,567 tons), Saudi Arabia (537,816 tons), the US (342,146 tons), and Nigeria (260,674 tons) were among the main oil suppliers to Italy in April.

In April 2024, Italy imported 1 barrel of Azeri Light brand oil for $85.41 (in April 2023 - 1 barrel for $87.55), and 1 barrel of Azeri Blend for $95.94 (2023 in April - bought 1 barrel for $85.65).

Meanwhile, in 2023, Azerbaijan emerged as the leading oil exporter to Italy, supplying approximately 11.3 million tons of oil. This volume represented a 25% increase compared to the previous year (2022).