Baku, August 21 – From January to July 2025, Azerbaijan exported 14.47 million tons of oil to 19 countries. Yet the headline is paradoxical: volumes slipped only 1.5% compared to last year, but revenues plunged by 17% — a reminder that price matters more than barrels.
Italy remains by far the biggest customer, taking in 8.4 million tons — a 49% jump that alone accounts for more than half of Azerbaijan’s total exports. But even this surge translated into just a 23% revenue increase, underscoring the lower global price environment.
Romania (+58%) and Germany (+25%) also boosted imports, while the Netherlands logged a healthy 32% rise. Meanwhile, the UK cut purchases by almost a third, slashing revenue flows nearly in half. France, Croatia and Portugal also saw double-digit value declines despite stable or even growing volumes.
Some destinations all but disappeared. Shipments to Thailand fell 63%, Indonesia 38%, and Tunisia 51%. New or rare buyers like Switzerland, Denmark, Bulgaria and Austria took small volumes, but not enough to shift the balance.
One striking outlier is Turkey: its imports jumped more than fivefold, though from a small base, reflecting both geographic proximity and Ankara’s growing role as an energy hub.
The overall picture highlights a structural challenge: Azerbaijan can grow volumes — as Italy proves — but when prices slide, the state budget feels the pain. With oil revenues still the backbone of public finances, the 17% year-on-year revenue drop is a sharper warning than the modest dip in tonnage.
