The Minister of Energy held several meetings within the framework of the OPEC+ event

The Minister of Energy Parviz Shahbazov had a meeting with OPEC President, the oil minister of Venezuela and the president of the State Oil Company, Manuel Kevedo Fernandez, the Minister of Energy and İndustry of the United Arab Emirates Suheyl al-Mazrui, the Deputy Prime Minister and the Oil Minister of Iraq, Tamer al-Qadban, and the Executive Director of Algeria's “Sonatrach” oil and gas company, Abdulmomin Uld Qad in Baku within the framework of the 13^th meeting of OPEC and non-OPEC Joint Ministerial Monitoring Committee.

At the meeting, the impact of December decision about oil production cut on the oil market and the opportunities for bilateral cooperation have been discussed. The Minister of Energy Parviz Shahbazov spoke about the importance of cooperation in OPEC+ format for all oil countries and thanked for the participation in this event.

Manuel Kevedo Fernandez noted that measures were taken to prevent the sharp decline in oil production of Venezuela and to diversify the export markets. At the meeting, they also discussed the cooperation with the State Oil Company of Venezuela.

At the meeting with the UAE Minister of Energy and İndustry Suheyl al-Mazrui, the development of bilateral cooperation in the energy sector was highlighted. The experience of UAE in reduction of costs in the production of electricity from gas and renewable energy sources and achieving efficiency was discussed. It was suggested to cooperate in this direction. At the meeting, the importance of intensifying relations with the company “Masdar” in the field of renewable energy was emphasized.

The Deputy Prime Minister of Iraq and the Oil Minister Tamer al-Qadban spoke about Iraq-Azerbaijan relations and talked about the cooperation in the oil and gas sector of the two countries. Cooperation within the framework of OPEC+ format, the supply of Iraq’s oil, as well as oil products to the world market via SOCAR and training of oil and gas experts in Azerbaijan were discussed.

Parviz Shahbazov provided the detailed information on Azerbaijan being the ancient oil land, regional and global projects implemented and the activities of the State Oil Fund aimed to manage the oil revenues.

The oil minister of Iraq spoke about his country’s achievements in the oil industry and provided the detailed information on trends related to the oil prices in the world market and OPEC activity of Iraq.  It was noted that modernization and rebalancing of Iraq in the oil industry was a priority.

The Minister of Energy had a meeting with the delegation led by the Executive Director of Algeria's “Sonatrach” oil and gas company, Abdulmomin Uld Qaddur. Parviz Shahbazov stated that he was willing to sign the Memorandum of Understanding on oil and gas cooperation between the governments of Azerbaijan and Algeria and this document would expand the cooperation in hydrocarbon projects, petrochemical industry, and transportation and sale of LNG and oil products.