Country exports oil worth $4.9bn in Jan-May

Azerbaijan exported 11.9 million tons of oil worth $4.9 billion during the first five months of 2021, the State Customs Committee has reported.

Azerbaijan exported 11.9 million tons of oil worth $4.9 billion during the first five months of 2021, the State Customs Committee has reported.

Some 5.9 million tons of oil worth $2.4 billion were exported to Italy, making this country the largest importer of the Azerbaijani oil.

The top five countries in terms of oil export were Italy, India (with 845,590 tons worth $346.1 million), Spain (with 865,947 tons worth $338.9 million), Israel (with 615,917 tons worth $276.3 million) and Portugal (with 451,184 tons worth $193.4 million).

Moreover, some 480,800 tons of oil worth $173.2 million were exported to Ukraine, 270,691 tons worth $118.8 million to Belarus, 235,164 tons worth $97.7 million to Turkey and 330 tons worth $160,570 to Russia.

Earlier it was reported that the consortium accounted for 11.1 million tons of oil export, while SOCAR for 653,800 tons.

Additionally, Azerbaijan exported a total of 9.1 billion cubic meters of natural gas worth $1.3 billion. Of the total volume of exported gas, 1.3 billion cubic meters of natural gas worth $288.5 million were exported to Europe.

Likewise, in the structure of exports, the main volume came from products of the oil and gas sector with 87.7 percent, while the non-oil and gas sector amounted for 12.2 percent of the total export volume.

It should be noted that in 2020, gas production in the country increased by about 4 percent to 37.1 billion cubic meters. In the meantime, oil production decreased to 34.5 million tons.