Baku hosts first OPEC Charter of Cooperation meeting

Today, the first meeting under the OPEC+ Charter of Cooperation is underway in Baku.

Azerbaijan’s Minister of Energy Parviz Shahbazov said that for nearly a decade, Azerbaijan has been making an active and responsible contribution to ensuring global oil market stability through the OPEC+ framework under the Declaration of Cooperation.

"It is no coincidence that the image of the world’s first industrial oil well, drilled in Bibi-Heybat in 1846, holds an honorary place at the headquarters of the OPEC Secretariat in Vienna," Shahbazov said.

For Azerbaijan, energy is not only the foundation of economic development but also a symbol of reliable partnership, mutual trust, and shared responsibility, he said.

Guided by these principles, Azerbaijan consistently contributes to strengthening global energy security, ensuring market stability, and advancing international cooperation, the minister said.

Shahbazov emphasized that the country’s active and constructive participation in the OPEC+ framework demonstrates its commitment to these principles.

OPEC+ operates under the Declaration of Cooperation signed on Dec. 10, 2016. The agreement brought together 13 OPEC member countries and 11 non-OPEC producers, including Azerbaijan.

The agreement took effect on Jan. 1, 2017, and provides for voluntary oil production adjustments aimed at stabilizing the global oil market. To monitor compliance with the agreement, the Joint Ministerial Monitoring Committee (JMMC) was established. The committee continues to assess conditions in the global oil market and monitor participating countries' compliance with their commitments.