Volume of Azerbaijan’s oil exports to Italy in Jan.-May disclosed

In January-May 2204, Italy imported 3.72 million tons of oil from Azerbaijan, 12.9% less year-on-year, the Italian Ministry of Environment and Energy Security said, Report informs.

Within five months, 2.15 million tons of Azeri Blend oil (2.1 times more YoY) and 1.57 million tons of Azeri Light oil (51.7% less YoY) were imported from Azerbaijan.

In total, during the reporting period, Italy imported 24.04 million tons of oil (2.7% less). Azerbaijani oil accounted for 15.5% of the total oil imports.

Alone in May, Italy imported 810,100 tons (5.8% more YoY), including 365,726 (4 times more YoY) of Azeri Blend, 444,400 (34.2% less YoY) of Azeri Light oil.

During the month, Italy bought a barrel of Azeri Blend oil for $85.35 (in May 2023 - $80.39/barrel), and a barrel of Azeri Light oil for $87.99 (in May 2023 - $81.56 dollars/barrel).

Azerbaijan was the largest oil exporter to Italy in 2023. About 11.3 million tons of oil were supplied to Italy, 25% more than in 2022. In the reporting year, Italy increased the import of Azeri Light oil by 17.8% to 7.3 million tons compared to 2022, and the import of Azeri Blend oil increased by 41.2% to 4 million tons.