BAKU, Azerbaijan, September 16. Azerbaijan's oil exports took a nosedive from January through August 2024, with the country sending out around 16.5 million tons of oil, marking a dip of nearly 11 percent compared to the same stretch in 2023, Trend reports citing data from the State Customs Committee (SCC).
Even though the export volume took a hit, Azerbaijan’s earnings from oil exports held their ground, raking in a hefty $10.3 billion during the first eight months of 2024. By the same token, Azerbaijan shipped around 18.5 million tons of oil, raking in $11.2 billion during the same stretch last year.
Italy and Israel remain the primary destinations for oil from Azerbaijan. Italy brought in $3.9 billion for Azerbaijan from its imports of Azerbaijani petroleum, which amounted to almost 6.2 million tons. After that, Israel bought about 2.2 million tons, which brought in $1.4 billion for Azerbaijan's oil earnings.
For the same period in 2023, Italy imported 7.6 million tons of oil, resulting in $4.7 billion in revenue, while Israel bought 1.8 million tons, yielding $1.1 billion.