Isranomics

Israel Tops Azerbaijan’s Oil Export Chart: Insights from Recent Trade Data

by | Feb 20, 2024 | Economy | 0 comments

Following the recent meeting between the President of Israel, Yitzhak (Boji) Herzog, and Azerbaijan’s President, Ilham Aliyev, during the Munich Security Conference, new data from Baku reveals an intriguing development in oil exports. In January, Israel surged to the top of Azerbaijan’s list of oil export destinations, marking a significant shift in trade dynamics.

According to the Baku data, Israel imported 523.5 thousand tons of Azerbaijani oil in January alone, totalling approximately $297 million. Surprisingly, Thailand secured the second position, importing 189 thousand tons of oil valued at $115 million, while Italy trailed closely in third place with 179.2 thousand tons, accounting for about $111 million. Notably, Azerbaijan’s traditional ally, Turkey, ranked ninth, importing only 5,355 tons, amounting to $2.78 million. Israel’s access to Azerbaijani oil is facilitated through the Baku-Tbilisi-Ceyhan pipeline, where the oil is loaded onto tankers and transported to Israel from the port of Ceyhan in Turkey.

The January 2024 data marks a notable departure from the trends observed in the January-November 2023 period, albeit not drastically. During this earlier period, Israel held the second position, importing 2.245 million tons of oil valued at approximately $1.38 billion. This figure surpasses the imports of countries like India, which imported 1.507 million tons, totalling $918 million.

These figures underscore Azerbaijan’s consistent policy stance, despite international pressures concerning its relations with Israel. Notably, last year witnessed the establishment of Azerbaijan’s embassy in Israel, with former Minister of Education Mukhtab Mamedov serving as the ambassador. In a relatively short time, Mamedov has spearheaded the expansion of bilateral relations, particularly in the realm of education.

This development carries profound significance, particularly against the backdrop of Azerbaijan’s ongoing efforts to forge and strengthen ties with Israel. As a predominantly Muslim nation, Azerbaijan’s deepening relationship with Israel underscores a departure from conventional geopolitical alliances and signals a broader trend of pragmatic diplomacy in the region.

Image credit: Official website of the President of the Republic of Azerbaijan Ilham Aliyevwww.president.az

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