Azerbaijan exports 5.8m tons of oil in 1Q2022

By Azernews

By Ayya Lmahamad

Azerbaijan has exported 5.8 million tons of oil worth $3.6 billion in January-March 2022, the State Customs Committee has reported.

In the first quarter of the year, Italy was the main oil importer from Azerbaijan, accounting for 2.3 million tons of oil worth $1.4 billion.

The top five countries in terms of oil imports from Azerbaijan were Italy, Portugal (560,465 tons of oil worth $390.6 million), Israel (521,032 tons of oil worth $328 million), Ukraine (506,349 tons of oil worth $304.5 million) and Thailand (368,473 tons of oil worth $231.4 million).

Meanwhile, Azerbaijan exported 80,172 tons of oil worth $41.3 million to Turkey in the first three months of this year.

During the reported months the share of oil in the total structure of exports amounted to 46.1 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 by the OPEC+ agreement.