The Minister of Energy of the Republic of Azerbaijan at the “Russian Energy Week” Forum

The Minister of Energy Parviz Shahbazov attended at the “Russian Energy Week” International Forum  in Moscow. The impacts of political processes on the global energy market, the role of energy cooperation in intergovernmental relations, and the position of oil in the global energy balance were discussed at the panel session entitled “Protecting Energy Connections in an Unstable World”. The Minister Parviz Shahbazov noted that, despite the influence of economic, environmental and geopolitical factors, oil will continue to dominate the global energy balance over the next 30 years. It was noted that steps taken in the OPEC plus format contribute to the regulation of the oil market, although global oil demand is currently declining due to the slowdown in economic growth in the world and a number of other factors: ““At present, the main mechanism for balancing the oil market is the decisions made in the OPEC plus format. These decisions contribute to the flexible market regulation according to changing circumstances. The main goal related to stabilizing oil prices has been achieved, and significant price fluctuations are not observed. Although threats such as recent attacks to the oil premises in Saudi Arabia led to instability in oil prices, such cases are temporary and the market stability is ensured,” the Minister added.

The Minister of Energy also spoke about the initiative of the President of the Republic of Azerbaijan in connection with the creation of the OPEC plus cooperation format and the active participation of our country in this process. The Minister also highlighted the importance of continuing this cooperation and focusing on the development of energy resources for global stability.

Noting that Azerbaijan has pursued such a policy in the oil and gas sector over the last 25 years, Parviz Shahbazov also spoke about the activities implemented in the field of renewable energy. The Minister stated that the new draft law is expected to be accepted by the end of the year and further auctions will be held, inviting the companies participating in the forum to cooperate with Azerbaijan in the renewable energy sector.

The Minister of Energy Parviz Shahbazov also atttened at the 21^st  Ministerial Meeting of the Gas Exporting Countries Forum (GECF). In his speech, the Minister spoke about the growing role of natural gas as an energy resource and the strategic importance of the “Southern Gas Corridor”. Noting that for the first time Azerbaijan has implemented such a large-scale gas project that requires international economic and political cooperation, Parviz Shahbazov said that the Southern Gas Corridor will not only contribute to energy security and energy diversification, but also ensure the development of the country in the direction of natural gas production:

“Increase in gas production from the current 30 billion m³ to 46 billion m³ in the next two years, and beginning to develop other gas fields, except “Shah Deniz” are the expected initial results”, noted the Minister.