Serbia to continue purchasing Azerbaijani oil, ambassador says

Serbia plans to maintain its purchases of Azerbaijani oil on the open market, the Serbian ambassador to Azerbaijan, Dragan Vladisavljevic, has said.

Speaking on the country’s energy strategy, the ambassador said that Serbia previously imported around €520 million worth of Azerbaijani oil annually and intends to keep procurement at a similar level this year, Caliber.Az reports via local media.

“We intend to continue buying Azerbaijani oil on the open market, as we have done in the past,” Vladisavljevic said.

On the topic of Serbian energy company NIS, the diplomat added that the Russian stake in its ownership structure will be sold to Hungarian and other international partners.

Bilateral trade between Azerbaijan and Serbia has seen rapid growth in early 2025, building on a surge in 2024. Preliminary data for January–February 2025 show a total trade turnover of about $47.9 million, over ten times the same period last year. By mid-2025, total trade is estimated at $107.1 million, more than 3.5 times higher than in the first half of 2024.

Azerbaijani exports dominate this exchange, with crude oil forming the largest component. From January to September 2024, Serbia imported over 241,000 tons of Azerbaijani oil, valued at roughly $152 million, and similar volumes are expected in 2025 under ongoing contracts. Serbian exports to Azerbaijan remain limited, mainly to machinery, food products, and consumer goods.

The growth reflects Serbia’s energy diversification strategy and Azerbaijan’s expansion into European markets. Both countries have expressed interest in deepening economic cooperation, including energy, agriculture, and infrastructure sectors.

Overall, 2025 marks a year of rapidly strengthening commercial ties, with Azerbaijani oil exports underpinning the trade relationship and total bilateral turnover continuing its upward trajectory.

By Aghakazim Guliyev