Azerbaijan more than doubles its profits from oil sales to Portugal

From January through April 2022, Azerbaijan exported 573,651.07 tons of crude oil to Portugal for over $400.52 million, Report informs, citing the State Customs Committee.

During the reporting period, the volume of crude oil exported from Azerbaijan to Portugal increased by 27.1% compared to the same period of 2021. The monetary value of the exports also went up 2.07 times.

The share of crude oil exported from Azerbaijan to Portugal made 6.05% of Azerbaijan’s total crude exports. Portugal is the third-largest importer of crude oil from Azerbaijan. In the same period last year, it was fourth on the list.

In January-April 2022, Azerbaijan exported a total of 9,481,168.95 tons of crude oil and petroleum products from bituminous rocks for over $6.544 billion.

Over the past four months, Azerbaijan earned $11.823 billion from exports and spent $4.041 billion on imports. Over the past year, exports soared by 85.8% and imports went up by 14.5%.