BAKU, Azerbaijan, November 17. Azerbaijan's earnings from crude oil and petroleum product exports from January through October this year totaled $13.8 billion, marking a decrease from $17.2 billion during the same period in 2022, Trend reports via the State Customs Committee.
The 19.8 percent year-on-year decline in revenue accompanies a 1.8 percent reduction in the volume of crude oil and petroleum product exports. The export volume fell from 22.682 million tons the first ten months of 2022 to 22.268 million tons for the corresponding period in 2023.
The State Customs Committee's data indicates that crude oil and petroleum products constituted 46.98 percent of Azerbaijan's total exports during this timeframe, compared to 49.49 percent in the preceding year.
Azerbaijan transports its oil to neighboring countries and global markets through three pipelines: Baku-Novorossiysk, Baku-Supsa, and Baku-Tbilisi-Ceyhan (BTC). Presently, transportation via the Baku-Supsa pipeline is temporarily suspended.
Additionally, Azerbaijan exports oil by rail to the Georgian terminals of Batumi and Kulevi. The figures underscore the evolving dynamics in Azerbaijan's crucial oil sector and its impact on the nation's economic landscape.
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