Energy Minister: “Azerbaijan is loyal to OPEC+ commitments”

“We have to be more open to national and global cooperation and innovations amid instability, uncertainty, and complexity, which are also characteristic of global energy.”

Energy Minister of Azerbaijan Parviz Shahbazov said 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.

“Only with joint efforts we can turn the problems of unstable energy system into opportunities by quickly responding to changes and achieve positive results in the solution of actual problems of the global energy,” he said. 

According to him, return to regulatory mechanism in the format of OPEC+ and making the historic decision in April are one of the first steps: “OPEC+ deal is an only means that support the market. However, the lag in the global economy and the extension in the period of limited economic activity put severe pressure on the demand.”