The Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov held a number of meetings in Saudi Arabia

The Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov held a number of meetings within the framework of the 14^th meeting of the Joint Ministerial Monitoring Committee of “OPEC plus”.  At the meeting with the Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid Abdul Aziz Al Falih, the current status of the global oil market, the level of fulfillment of obligations, expectations in the short and long term, as well as bilateral energy cooperation were discussed.  

Khalid al-Falih highlighted the importance of the role of the President of Azerbaijan as a primary initiator of the “OPEC plus” format and our country's participation in the regulation process of oil market within the framework of the Partnership Declaration, and the importance of the Joint Ministerial Monitoring Committee's event in Baku. They shared their views on possible development trends of the oil market.

The Minister of Energy Parviz Shahbazov said that Azerbaijan has been continuously supporting the cooperation in the world market for balance and price stability, and the commitment to reduce production was fulfilled in April.

Opportunities for mutual investments in the energy sector between the two countries, for cooperation between business circles were reviewed. Discussions on the measures to be taken within the memorandum of cooperation signed with Saudi Arabia's ACWA Power Company in the field of renewable energy were held.

The status of the oil market was the subject of discussion at a meeting with Secretary General of OPEC Mohamed Sanusi Barkindo. Mohammad Sanusi Barkindo believes that it is important to continue the events in the "OPEC plus" format for stability in the market. The Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov said that the overall the level of fulfillment of obligations in “OPEC plus” countries is a success of cooperation. He said that the measures taken by Azerbaijan in the previous months on the reduction of production have a positive impact on the complete fulfillment of the obligations in April. It was noted that during four months the average daily oil production was fulfilled by 130%.

  “In a ministerial meeting in June we need to carry out extensive analyzes taking into account all geopolitical and economic factors when we make decisions for the second half of the year. In the balancing of the market, we need to think about the global demand for oil for a long-term period and, in this respect, the price stability that will attract investment in the oil industry,” said the Minister

During the meeting, the "Charter of Cooperation among Oil Producing Countries" was discussed. It was noted that the Charter-related processes are expected to be completed by June of the current year.

Discussions on the oil market regulation were also continued at a meeting with the UAE Minister of Energy and Industry, Suhail al-Mazrouei. Suhail al-Mazrouei said that the price of oil is now quite satisfactory, and added that the recurrence of the situation accompanying by sharp price changes at the end of last year is unacceptable. The Minister of Energy of the Republic of Azerbaijan Parviz Shahbazov said that “OPEC plus” countries can now support the oil market to ensure affordable oil price, and equilibrium for both producers and consumers. 

The talks focused on geopolitical factors, impacts of shale oil, commercial oil reserves, global economic growth and demand dynamics of oil.

The Minister also met with President of the OPEC Conference, Venezuela`s Minister of Oil Manuel Quevedo Fernandez, Nigeria's Minister of Oil Emmanuel Ibe Kachikwu, Kuwait's Minister of Oil, Electricity and Water Khaled Al-Fadhel, Oman's Minister of Oil and Gas Mohammed Al-Rumhi, Algeria's Minister of Energy Mohammad Arkab and Bahrain's Minister of Oil Sheikh Mohammed Al-Khalifa. The sides also discussed various aspects of bilateral energy cooperation, as well as issues related to oil.