Azerbaijan has resumed crude oil exports to India after a 10-month suspension, following the resolution of a pricing dispute that had halted supplies, according to sources familiar with the development.
In August, Azerbaijan exported 1,747.07 tonnes of crude oil to India, worth $781,520
Energy trade has long been a cornerstone of bilateral economic relations. In 2024, India was Azerbaijan’s fourth-largest buyer of petroleum and petroleum products, importing 1.17 million tonnes valued at around $729 million. In the preceding years, India ranked third, with annual imports exceeding 2 million tonnes, worth $1.6 billion in 2022 and $1.2 billion in 2023.
Beyond trade, India has made significant investments in Azerbaijan’s energy sector. ONGC Videsh Ltd (OVL) has invested over $1.2 billion in stakes across the Azeri-Chirag-Gunashli (ACG) oil and gas fields and the Baku-Tbilisi-Ceyhan (BTC) pipeline.
In 2024, OVL further expanded its presence by acquiring an additional 0.615% interest in the ACG field and 0.737% in the BTC pipeline from Equinor for $60 million. This deal increased OVL’s holdings to 2.925% in ACG and 3.097% in the BTC pipeline, underscoring India’s long-term commitment to Azerbaijan’s energy landscape.