Italy maintains dominance as Azerbaijan's leading oil importer

Azerbaijan exported just over 3.94 million tons of crude oil, valued at $2.52 billion to Italy in the first five months of 2024, Report informs, citing the State Customs Committee.

Despite a 14.1% decrease in volume and an 11.3% drop in value compared to the same period last year, Italy remains Azerbaijan's top oil destination, accounting for 40% of the country'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.

In 5 months, 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.