SEATTLE (Oil Monster): Azerbaijan has resumed crude oil exports to India following a 10-month hiatus caused by pricing disagreements, according to sources familiar with the matter.
In August, Azerbaijan exported 1,747.07 tonnes of crude oil to India, valued at USD 781,520, as per its customs data cited by ET.
Energy cooperation has been a cornerstone of economic ties between the two countries.
In 2024, India ranked as the fourth-largest buyer of petroleum and petroleum products from Azerbaijan, importing 1.17 million tonnes worth approximately USD 729 million.
In 2022 and 2023, India had been the third-largest importer, with shipments exceeding 2 million tonnes annually, valued at USD 1.6 billion and USD 1.2 billion, respectively.
India is also a significant investor in Azerbaijan’s oil and gas sector.
Officials said the resumption of exports is expected to strengthen bilateral energy cooperation and contribute to India’s efforts to diversify crude oil sources amid global market volatility.
Courtesy: www.knnindia.in
