Parviz Shahbazov: key task set before OPEC+ alliance fulfilled

Parviz Shahbazov: key task set before OPEC+ alliance fulfilled

The key task set before the OPEC+ alliance has been fulfilled, Azerbaijani Minister of Energy Parviz Shahbazov said, speaking at a panel session entitled "Keeping energy ties in unstable world" within the Russian Energy Week forum held in Moscow.

The minister recalled how Azerbaijan decided to enter into the OPEC+ deal. In February 2016, President of Azerbaijan Ilham Aliyev during the Davos Forum proposed that OPEC members and the countries outside this cartel cooperate and work together, he noted, adding that the OPEC+ format was created in December 2016. At the same time, Azerbaijan chaired the first meeting of the OPEC+ initiative. Today, "we see the results of this cooperation," the minister noted.

Today we can really say that "there is no serious volatility in the oil market," he stressed. "Yes, of course, there are some fluctuations in the market, but, nevertheless, they are insignificant. We don’t see any economic reasons for fluctuations, either," Trend cited the minister as saying.

Thus, the key task that was set before the OPEC+ alliance has been fulfilled, he noted.

Stability in the global oil market was ensured, another evidence of which is the fact that stability has remained in the market after the recent attack in Saudi Arabia, he noted. "Of course, we all condemn this incident, but it clearly showed that even after such a serious and sudden reduction in supplies of oil, it became possible to maintain balance in the international market as a whole," Shahbazov stressed. We all saw that oil prices remained relatively stable and continue to remain stable.

According to him, "together we can indeed ensure achievement of the results that we have". "Today, for the international oil market, this is the only effective mechanism that we have," Shahbazov said. It needs to be maintained and it is necessary to continue to work together, the minister concluded.