By Azernews

By Ayya Lmahamad

Azerbaijan exported 17.9 million tons of oil worth $13.7 billion in January-August 2022, Azernews reports, citing the State Customs Committee.

In the first eight months of the year, Italy was the primary importer of Azerbaijani oil, accounting for 7 million tons of oil worth $5.2 billion.

The top five countries in terms of oil imports from Azerbaijan were Italy, Israel (1.6 million tons of oil worth $1.1 billion), India (1.5 million tons of oil worth $1.3 billion), the UK (926,011 tons of oil worth $752.5 million) and Croatia (685,431 tons of oil worth $596.1 million).

Meanwhile, Azerbaijan exported 308,085 tons of oil worth $173.5 million to Turkiye and 506,359 tons of oil worth $304.5 million to Ukraine in the first eight months of this year.

During the reporting months, the share of oil in the total structure of exports amounted to 52.2 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.