By Azernews

By Ayya Lmahamad

Azerbaijan exported 16.4 million tons of oil to the tune of $12.3 billion in January-July 2022, Azernews reports, citing the State Customs Committee.

In the first seven months of the year, Italy was the primary importer of Azerbaijani oil, accounting for 6.6 million tons of oil worth $4.9 billion.

The top five countries in terms of oil imports from Azerbaijan were Italy, Israel (1.4 million tons of oil worth $1 billion), India (1.2 million tons of oil worth $1 billion), the UK (926,011 tons of oil worth $752.5 million) and Croatia (544,666 tons of oil worth $490.7 million).

Meanwhile, Azerbaijan exported 303,996 tons of oil worth $170.8 million to Turkey and 506,359 tons of oil worth $304.5 million to Ukraine in the first seven months of this year.

During the reporting months, the share of oil in the total structure of exports amounted to 54.9 percent.

In 2021, Azerbaijan exported 27.1 million tons of oil worth $13.2 billion. The top five countries in terms of oil imports from Azerbaijan were Italy, Israel, Croatia, Germany, and Portugal. In addition, Azerbaijan produced 34.6 million tons of crude oil in 2021. The slight increase in oil production last year was primarily due to the gradual elimination of voluntary oil output cuts under the OPEC+deal.