Azerbaijan sees decline in crude oil exports to India

Azerbaijan exported 891,896 tons of crude oil to India, valued at just under $567.8 million in the initial five months of the current year, Report informs with reference to Azerbaijan’s State Customs Committee.

Compared to the corresponding period of 2023, this shows a decline of 13.2 percent in volume and a drop of 7 percent in value.

In five months, India accounted for 9.04 percent of Azerbaijan’s total oil exports.

Overall, Azerbaijan exported just under 9.87 million tons of crude oil and crude oil products obtained from bituminous rocks, valued at over $6.25 billion in January-May of 2024.

During the reporting period, Azerbaijan conducted trade transactions with foreign countries worth almost $18.44 billion.

The export operations accounted for $11.13 billion, and imports for $7.3 billion.