Minister of Energy Parviz Shahbazov met his counterparts from Saudi Arabia, Russia, and Secretary General of OPEC

During his visit to Vienna the Minister of Energy Parviz Shahbazov held metings with the Minister of Energy of Saudi Arabia Prince Abdulaziz bin Salman, Secretary General of OPEC Mohammed Sanusi Barkindo, and Minister of Energy of the Russian Federation Alexandr Novak.

At the meeting with the Minister of Energy of Saudi Arabia Prince Abdulaziz bin Salman the factors reducing the oil demand and affecting the prices, including the adjustment of the oil market in case of a decline in the economic development due to coronavirus were discussed. The significance of a further support by the “OPEC plus” countries to the oil market was underlined.

At the meeting also the issues in regard to the energy cooperation were touched upon. They talked about the importance of the Implementation Agreement signed between the Ministry of Energy and ACWA Power on a wind energy project with 240 MV capacity for strengthening the cooperation between two countries. The Minister Abdulaziz bin Salman agreed to participate in the ceremony of signing the relevant agreement with ACWA Power for the implementation of the investment project on the construction of a wind power plant.

At the meetings with the Secretary General of OPEC Mohammed Sanusi Barkindo and Minister of Energy of the Russian Federation Alexandr Novak the short- and long-term development of the oil market was reviewed. They had an exchange of ideas on the proposal of reducing the production to decrease the volatility in the oil prices and the difference between the supply and demand. The necessity of the cooperation between and performance of the obligations by the OPEC and non-OPEC countries in terms of adjusting the oil market was underlined.