Energy Minister Parviz Shahbazov met with Alexander Novak

The Minister of Energy Parviz Shahbazov met with Alexander Novak, the Energy Minister of the Russian Federation within the framework of the 13th meeting of the Joint Ministerial Monitoring Committee of the OPEC and non-OPEC countries held in Baku. Actions taken to achieve stability of global oil market within OPEC+ framework, current state of implementation of decisions made in December last year and energy cooperation between Azerbaijan and Russia were the main focus of the discussion.

Alexander Novak briefed on his country's efforts to reduce production and underlined that the fulfilment of the commitment has been a gradual process. In his view, it would be appropriate to have further discussion in May in order to identify future steps in the global oil market for the upcoming years.      

Speaking about the development trends in global oil market, Energy Minister Parviz Shahbazov underlined the importance of further cooperation to maintain the price stability.

The meeting was followed by an exchange of view on issues such as transportation of oil northward to Russia, interconnection of Azerbaijan-Russia-Iran energy systems, the supply of Russian oil to the Star Oil Refinery, the "Turkish stream" project and etc. The ministries of both countries agreed on signing a Memorandum of Understanding to contribute to the strengthening and further development of cooperation relationships.