Energy Minister Parviz Shahbazov participated in an online OPEC and non-OPEC Ministerial Meeting

Energy Minister Parviz Shahbazov participated in an online OPEC and non-OPEC Ministerial Meeting, held as part of the 17th International Energy Forum (IEF17) and the 25th World Petroleum Congress (WPC Energy Congress) in Riyadh, Kingdom of Saudi Arabia.

During the meeting, the OPEC Secretariat delivered a presentation on Rising Crude Oil Transportation and Insurance Costs, followed by discussions on the impact of the current situation on the global oil market.

In his remarks, Minister Parviz Shahbazov stated that, alongside the balance between supply and demand, the safe, uninterrupted and cost-effective delivery of energy resources to international markets is also essential for oil market stability. In this regard, he emphasised the importance of taking into account the security of transportation routes, freight rates and insurance costs when assessing market conditions. The Minister noted that Azerbaijan has consistently been a reliable partner within the OPEC+ framework and reaffirmed the country’s commitment to continuing its support for joint efforts.

At the meeting, the ministers agreed to continue consultations within the OPEC+ framework, monitor market developments and maintain dialogue with governments and industry representatives.