Italy increases oil imports 12% in Dec to 5.5 mln tonnes, Russia no longer a supplier

MOSCOW. Feb 3 (Interfax) - Italy increased December oil imports 12.2% compared to November to 5.5 million tonnes, the country's Ministry of Ecological Transition said.

The main suppliers were Azerbaijan with 854,000 tonnes, Libya, which increased volumes 50% to 836,500 tonnes, and Kazakhstan with 773,900 tonnes. Russia, once a principle supplier, ceased deliveries starting in December.

The average import price for Italy in December was $85.5 per barrel, compared to $89.74/bbl in November. The most expensive variety was Arabian Light, at $103.63, and the least Iraqi Basrah Heavy - Fao Blend, at $62.68/bbl.

In total, Italy imported 62.5 million tonnes of oil last year, of which Russia accounted for 12.1 million tonnes, or 18.5%. The average purchase price for crude in 2022 was $99.91/bbl. Nigeria Abo had the highest price at $130.95/bbl, while Basrah Heavy - Fao Blend was the lowest at $75.47/bbl.

After the start of the special military operation in Ukraine, the EU announced plans to reduce its dependence on Russian energy. As part of the latest package of sanctions, on December 5, 2022, an EU embargo was introduced on sea imports of Russian oil.