Azerbaijan supports extension of OPEC+ format

Azerbaijan’s Energy Minister Parviz Shahbazov called for an increase in the number of the OPEC+ participants at the international conference titled “Global Energy and International Political Risks,” jointly organized by the Valdai Discussion Club and Azerbaijan’s Center of Analysis of International Relations. 

“The stability in the oil market meets the interests of all participating countries. Therefore, I think it’s important to extend the OPEC+ format by involving other countries,” Shahbazov said. 

According to him, Azerbaijan intends to fulfill the obligations under the OPEC+ deal: “Azerbaijan confirms its loyalty to the commitments and will further be active in ensuring the stability in the oil market.”

Shahbazov thinks that the recovery of demand for oil may take at least two years. 

“Unfortunately, taking into consideration the uncertainty, we cannot surely expect full recovery of the demand soon. According to some estimates, the oil market will stabilize within at least two years,” Shahbazov added.