Italy remains top buyer of Azerbaijani oil in 1H24

Azerbaijan exported more than 3.27 million tons of crude oil, valued at just over $2.72 billion to Italy in the first six months of 2024, Report informs, citing the State Customs Committee of Azerbaijan.

Despite a 12.97% decrease in volume and an 9.51% drop in value compared to the first half of 2023, Italy remains top buyer of Azerbaijani oil, accounting for 38.51% of the country's total oil exports.

Overall, Azerbaijan exported just under 11.1 million tons of crude oil and related products obtained from bituminous rocks, valued at just over $7.012 billion in January-June of 2024.

During the reporting period, Azerbaijan conducted trade transactions with foreign countries worth just over $21.768 billion in the initial six months of 2024, representing a 16.8% decline year-on-year. Of that, $12.901 billion accounted for exports and just over $8.867 billion fell to imports.