Italy's crude oil trade analysis for FY 2023

 Italy is more of a crude oil importer rather than the exporter. Italy relies vastly on crude oil imports to sustain their rising market demand. In terms of overall mineral fuel and oil imports, there was a decline of 36% compared to fiscal year 2023. According to Italy import data, the overall mineral fuels and oils imports were estimated to be over $93 billion during FY 2023. 

Crude petroleum oils were the most imported mineral fuels by Italy. Italy’s crude petroleum oils imports were recorded to be $38 billion during 2023. Italy’s majority of the crude petroleum imports came from Algeria with 42% market share. Algeria exported over $13 billion worth of crude oil to Italy followed by Azerbaijan ($5.2 billion), Qatar ($2.8 billion) and Norway ($2.7 Billion) respectively.

Petroleum gases were the second most imported items by Italy. In 2023, Italy’s imports of crude petroleum oil were $32 billion. Whereas, Refined petroleum imports of Italy were recorded to be $11 billion in the financial year 2023. Electrical Energy and Coal imports of Italy were respectively $7 billion and $2 billion. Algeria, Azerbaijan, Qatar and Norway were the top destinations for Italy’s imports of these items. Italy’s top crude oil import companies were ENI, Luigi Lavazza, Goldfu Resources Corporation, and Metlong Mining.

Whereas per Italy export data, the country’s overall crude oil exports were estimated to be $23 billion during the financial year 2023. There was a decline of 23% compared to fiscal year 2022. Refined petroleum was the most exported mineral fuel from Italy. Refined petroleum accounted for 80% of Italy’s overall mineral fuel oils exports. 

Italy import export data shows around $19 billion worth of mineral oils were exported in the fiscal year 2023. Italy's most prominent destinations for refined petroleum exports were Gibraltar, United States and Spain. Italy's refined petroleum exports from Gibraltar were estimated to be $2.5 billion with 13% market share. Also, a notable amount of exports were recorded from Croatia, Slovenia and the Netherlands.

Petroleum gases were the second most demanded items of Italy. In 2023, Italy's exports of petroleum gases were estimated to be $1.4 billion. Italy's petroleum gases exports saw a decline of 25% compared to FY 2022. Austria was the top destination for Italy's petroleum gases exports with 45% market share. Austria imported $638 million worth of petroleum gases in the last fiscal year. The other significant markets for Italy's petroleum gases exports were Germany, Slovenia, Belgium, France and Morocco.

Whereas per Italy customs data, crude petroleum oil exports were recorded to be $720 million during fiscal year 2023. Turkey and Spain were the leading destinations for Italy’s crude petroleum oils exports with 39% and 36% market share respectively. Italy’s other most prominent destinations for crude petroleum exports were Germany, Israel, France and Greece respectively. Italy's other vital minerals exports were electrical energy, petroleum coke, coal, petroleum jelly, coal tar, etc.

Gibraltar emerged as the top destination for mineral fuels and oil imports by Italy. The global import export data provider by country suggests that around $2.6 billion worth of mineral fuels were exported to Italy. The United States, Spain, Slovenia, Croatia and France were among the top gainers in terms of mineral fuels imports by Italy.  Italy’s mineral fuels and oil imports seem to surge during this year. Through global import export data providers market intelligence, Italian companies can discover updated market trends and insights for in-depth market research.