Parviz Shahbazov met with the Minister of Energy, Industry and Natural Resources of Saudi Arabia

The Minister of Energy Parviz Shahbazov met with Khaled Abdulaziz Al-Falih, the Minister of Energy, Industry and Natural Resources of the Kingdom of Saudi Arabia within the framework of the 13th meeting of the Joint Ministerial Monitoring Committee of OPEC+ countries held in Baku.

The Minister of Energy expressed his gratitude to Khaled Abdulaziz Al Falih for his participation in the OPEC+ meeting. The Minister hailed this cooperation as an efficient and flexible mechanism for stabilizing oil prices and maintain market balance. He expressed his satisfaction regarding the participation of Azerbaijan in the oil market regulation process and hosting the OPEC+ meeting as a country of a number of commencements in the oil sector. Moreover, Parviz Shahbazov praised the efforts of Saudi Arabia within the framework of the "Memorandum of Cooperation" to achieve common goals.

Khalid Abdulaziz Al-Falih praised the leadership of President Ilham Aliyev in creation of the OPEC+ format and Azerbaijan's contribution to the oil market regulation process. He stressed the importance of the fulfillment of commitments by OPEC+ participants to keep the balance of supply and demand in the market and to eliminate volatility in prices by the end of the year.

The meeting was followed by the exchange of views on the global demand for oil in 2019 and the expected production in OPEC countries, the state of implementation of the obligations for February, as well as the growth dynamics of the global economy.

New energy cooperation between two countries, as well as the operation of “Saudi Aramco” and other matters were also the focus of the discussion.