Azerbaijan’s oil exports in 2024: Italy remains top buyer despite decline

Azerbaijan's oil exports in 2024 experienced a mixed performance, with Italy remaining the top destination despite a slight decrease in both volume and value, the State Customs Committee said.

In total, Azerbaijan exported 23.6 million tons of oil to 25 countries, a 9.4 per cent drop compared to 2023. The total value of these exports amounted to $14.44 billion, marking an 11.1 per cent decrease, Caliber.Az reports.

Italy continued to lead as the largest importer of Azerbaijani oil, purchasing 10.95 million tons in 2024. This represented a 1.5 per cent decline from the previous year. In terms of value, exports to Italy amounted to $6.75 billion, a reduction of 4.6 per cent from 2023.

The Czech Republic took second place with significant growth, importing 1.77 million tons of Azerbaijani oil, a 55.8 per cent increase. The total value of these exports reached $1.08 billion, marking a 58.4 per cent rise.

Croatia secured the third position, importing 1.44 million tons, which represented a 47.3 per cent year-on-year increase. The value of these exports also rose by 47.9 per cent, totaling $873 million. 

The remaining countries in the top ten were: India: 1.17 million tons, valued at $729.8 million, Germany: 1.16 million tons, valued at $726 million, Israel: 1.17 million tons, valued at $713.3 million, Portugal: 1.01 million tons, valued at $631.17 million, Romania: 750,197 tons, valued at $437.8 million, United Kingdom: 659,515 tons, valued at $396.1 million, Tunisia: 446,159 tons, valued at $279.7 million.

Despite the overall decrease in export volume and value, Azerbaijan's oil continues to be a key commodity for many countries, demonstrating its strong position in the global energy market.

By Vafa Guliyeva