Baku, Azerbaijan, March 19
Trend:
Azerbaijan and OPEC cooperate closely, and as part of this cooperation it was possible to achieve price stabilization in the global oil market, Azerbaijani Energy Minister Parviz Shahbazov said at a press conference in Baku March 19.
The minister said that OPEC Secretary General Mohammad Barkindo held a meeting with President of Azerbaijan Ilham Aliyev, during which the issues of cooperation between Azerbaijan and OPEC, the situation in the international oil market and other international and regional issues were discussed, and the head of state gave his valuable recommendations to the OPEC Secretary General.
“Currently, there is a close cooperation between Azerbaijan and OPEC, which is being conducted in the OPEC+ format. This initiative has been implemented since late 2016 and is mainly related to the volatility of global oil prices. Over the past period, it has been possible to achieve certain growth and stabilization of oil prices, balancing demand and supply in the market within this cooperation. These achievements against the background of economic processes in the world made it possible to improve the situation in a number of countries,” Shahbazov noted.
The official added that during his meeting with OPEC Secretary General, they discussed the opportunities of this initiative in the future, creation of certain platforms for the initiative to remain in force, and also exchanged views on further consultations with other countries and on the mechanism for making further decisions.